Crypto Markets Tumble Amid Oil Price Surge and Middle East Conflict

The cryptocurrency market saw a decline on Thursday, with several major assets experiencing losses. According to data from Coingecko, the overall market capitalization fell by 3% to $2.48 trillion.

Bitcoin (BTC) and other major cryptocurrencies such as Ethereum (ETH) and Solana (SOL) experienced losses of around 3-4%. The price of Bitcoin is currently trading at around $71,000, down from its previous level.

The increase in the value of crude oil also contributed to the downturn. U.S. crude oil (WTI) spiked above $79 after Iran claimed that it attacked an American oil tanker in the Persian Gulf.