Bitcoin falls 1.9% to $76,950 as Iran tensions and liquidations hit market

The cryptocurrency market experienced a sharp decline on Tuesday amid escalating tensions in the Middle East, as reports surfaced of military actions on Iran’s Qeshm Island. The heightened geopolitical risk sent shockwaves through global assets, causing oil prices to surge and prompting a broad round of selling in digital currencies. Total crypto market capitalization fell by 1.7%, reflecting investor concerns that the conflict could extend and disrupt global economic stability. The price of Brent crude oil jumped over 1.6%, reaching above $106.95 per barrel, with optimism for swift diplomatic intervention quickly fading.