Cryptocurrency Market Mixed Amid Geopolitical Tensions and Crude Oil Price Surge

The cryptocurrency market is experiencing a mixed trend on Tuesday morning as investors digest the escalating geopolitical tensions in the Middle East, rising crude oil prices, and strong bets of a Fed rate hike. The dollar's weakness has limited losses.

Brent crude oil futures for November settlement are currently trading at $97.87, up 0.90 percent from the previous close. WTI Crude oil for October settlement is currently trading at $92.94, jumping 1.60 percent on an overnight basis.

The CME FedWatch tool shows a 58.4 percent likelihood of a rate hike by the Fed on September 16, down from 59.4 percent the previous day and 67.2 percent a week ago. The six-currency Dollar Index is currently at 98.81, implying an overnight decline of 0.37 percent.

At current prices, Bitcoin's dominance of the crypto market is 59 percent, while Ethereum accounts for 11.3 percent. Other cryptocurrencies and stablecoins make up 29.7 percent of the overall market. Bitcoin (BTC) is currently trading 0.21 percent lower at $78,657.40, while Ethereum (ETH) has added 1 percent over the past week.