Cryptocurrencies experienced a decline on Tuesday as escalating tensions in the Middle East caused investors to flee risk assets. Bitcoin, the largest digital asset, initially climbed to around $64,000 before dropping to $62,500 after reports of a potential ballistic missile attack against Israel. At the time of writing, bitcoin was down about 2% in the past 24 hours to $62,700. Other digital assets also saw declines, with the CoinDesk 20 Index down a similar amount. In contrast, gold rose 1.2% and approached its record high, while WTI crude oil surged 3%. The correlation between bitcoin and risk-on assets like stocks was highlighted, with bitcoin's drop reminiscent of previous instances during Middle East conflicts.



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