US-Iran Tensions Spark Cryptocurrency Price Slump

Cryptocurrency prices dipped across the board on Tuesday, following the US strikes on Iran and revocation of the oil sanctions waiver.

Bitcoin briefly topped $64,000 before surrendering its gains, while Ethereum followed a similar trajectory, spiking to $1,800 before facing rejection. XRP and Dogecoin also traded in the red.

Crypto-related stocks fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 3.38% and 4.82%, respectively. The global cryptocurrency market capitalization stood at $2.2 trillion, with a slight 0.24% increase over the last 24 hours.

Leading on-chain analytics firm CryptoQuant highlighted Bitcoin's on-chain indicators, noting that supply in loss exceeded 10 million and long-term holders were selling BTC at a loss. This level of on-chain pain could suggest a potential medium- to long-term dollar-cost averaging accumulation opportunity, the research firm added.