Crypto Markets Dip as Oil Spikes Amid Iran Conflict

Crypto markets dipped on Thursday, reversing some of the previous day’s gains as investors turned cautious again following a reported attack by Iran on an oil tanker.

Bitcoin (BTC) is trading at around $71,000, down 3.5% over the past 24 hours. Meanwhile, ETH and SOL fell 4% to about $2,060 and $88, respectively, and BNB is down 2% on the day.

The overall crypto market capitalization declined by 3% to $2.48 trillion, according to Coingecko.

U.S. crude oil (WTI) spiked above $79 after Iran claimed that it attacked an American oil tanker in the Persian Gulf. WTI is up more than 17% this week to its highest level since January 2025. Investor sentiment was also dampened by reports that the conflict could last longer than previously expected. The S&P 500 and the Nasdaq slipped by around 1%, while gold and silver posted modest losses as the dollar strengthened.

Almost all of the Top 100 digital assets posted losses over the last 24 hours.

Today’s top gainer is OKB, the native token of the OKX crypto exchange, which surged more than 20% after the company disclosed an investment from Intercontinental Exchange (ICE) at a $25 billion valuation.

Memecoins DOGE and PEPE are the biggest losers, plunging 9%.

Around 99,000 leveraged traders were liquidated for $322 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $120 million, while ETH positions made up $90 million.

Bitcoin exchange-traded funds (ETFs) pulled in another $461 million on Tuesday, marking a third day of gains. This brings inflows to nearly $2 billion since last week.