Leading cryptocurrencies declined alongside major stock market indexes on Tuesday, following a significant escalation in Middle East tensions.
Crypto Market On Edge
Bitcoin revisited the $60,000 support level but managed an overnight recovery as trading volume increased by 12% over the last 24 hours. Dogecoin remained in bearish territory.
Stocks tied to the cryptocurrency sector saw sharp declines, with MicroStrategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) finishing the session down 8% and 3.86%, respectively.
More than $420 million was liquidated across the market during the past day, with long positions accounting for $324 million of those losses.
Stocks Correct As Hostilities Resume
Major market indexes pulled back on Tuesday. The S&P 500 slipped 0.26% to finish at 7,386.65, while the Nasdaq Composite dropped 0.97% to close at 25,678.82. The Dow Jones Industrial Average defied the downward trend, gaining 86.10 points, or 0.17%, to end the day at 50,872.11.
President Donald Trump stated that negotiating parties are nearing a “very, very good deal” with Tehran, despite the U.S. military launching strikes in response to the alleged downing of an Army Apache helicopter by Iranian forces.
