Crypto: Bitcoin Dives 3% On Global Asset Rout As $5k Gold 'smashed' On Oil...

Bitcoin bulls gave up their latest mission to reclaim $70,000 as Iran escalation sparked oil supply fears that gripped stocks and gold.

Bitcoin (BTC) erased its latest trip to $70,000 on Tuesday as Middle East tensions sparked a global asset sell-off.

Bitcoin and major asset classes all fall after the closure of the Strait of Hormuz.

Oil sees upside volatility while even gold fails to offer protection from uncertainty.

BTC price action again fails to hold $70,000 or nearby trend lines.

Data from TradingView tracked 3.2% BTC price losses on the day as $66,000 came back into focus.

Bitcoin joined stock markets worldwide in considerable weakness amid concerns over oil supplies and inflation, thanks to the closure of the Strait of Hormuz.

The S&P 500 and Nasdaq Composite Index were both down by about 2% after the Wall Street open, while gold also fell, targeting $5,000 support.

“The market is beginning to price-in a longer war,” trading resource The Kobeissi Letter wrote in a response on X.

BTC/USD again failed to flip key trend lines to support, something that led Keith Alan, cofounder of trading resource Material Indicators, to conclude that bears remained in control.

Source: CoinTelegraph