Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Bitcoin was down 3% over the past 24 hours, while altcoin majors such as SOL, AVAX, DOT and NEAR racked up 5%-10% losses.Cryptocurrencies tumbled during the Tuesday U.S. session as headlines of escalating tension in the Middle East prompted investors to flee risk assets.the White House as having indications Iran was prepping an imminent ballistic missile attack against Israel. Another leg down followed to $61,000 when the Israel Defense Forces faring a bit better with a 3.
Key U.S. stock indexes opened the day lower, with the S&P 500 and the tech-heavy Nasdaq trading 1% and 1.7% lower, respectively, in the later hours of the session. Gold jumped 1% to $2,690 per ounce and neared its record high just above $2,700 set last week, while WTI crude oil surged 3% to over $70 per barrel.
The diverging price action of gold and bitcoin highlighted the leading digital asset's high correlation with risk-on assets like stocks, not to mention gold fulfilling its traditional role as a safe-haven asset. The 30-day rolling correlation between BTC and the S&P 500 is now approaching yearly highs at 0.62, K33 Research noted in a Tuesday report.
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