Crypto Market Tumbles After Brief $70K Bitcoin Spike

The cryptocurrency market is experiencing a downturn after Bitcoin's price skyrocketed to over $70,000 on Monday morning before being rejected.

The asset had been trading sideways between $66,000 and $67,000 prior to the sudden surge, which was attributed to reports of a potential ceasefire deal between the US and Iran.

However, as of press time, there is no indication that such a development will occur, and tensions in the Middle East remain high. Bitcoin's price subsequently dropped to around $68,400 before recovering some ground and trading at approximately $69,000.

The majority of larger-cap altcoins have followed suit, with Ethereum, Binance Coin, and XRP all experiencing notable losses. In contrast, a few smaller coins such as CC and ZEC are bucking the trend, having posted gains in recent hours.