Crypto Markets Slide Amid Middle East Tensions and Rising Oil Prices

Cryptocurrencies have fallen into negative territory as geopolitical tensions in the Middle East escalate and crude oil prices surge. The U.S. dollar has strengthened, while bond yields have increased, making it more expensive to hold cryptocurrencies that do not yield interest income.

The overall cryptocurrency market capitalization has declined 1.4 percent overnight to $2.86 trillion, with Bitcoin (BTC) trading at a 1.6 percent loss of $83,367.14. This is around 34 percent below the all-time high of $126,198.

Ethereum (ETH) has also fallen, trading 0.74 percent lower at $2,682.73, which is around 46 percent below its all-time high of $4,953.