Iran Cease-Fire Collapse Sends Cryptocurrency Prices into Free Fall

The price of Bitcoin and other cryptocurrencies took a tumble on Wednesday after the U.S. and Iran's 14-day cease-fire failed to materialize. The agreement was meant to pave the way for permanent peace negotiations.

Investors are now worried that the failure of the cease-fire may indicate a lack of progress towards a lasting peace deal between the two nations.

Bitcoin's value has dropped significantly since its peak of over $126,000 last year, and this latest development is likely to exacerbate investor concerns.