Bitcoin and Ethereum retreat from opening gains amid prolonged Middle East conflict, extending losses since late February.
Bitcoin opened at $64,487.65 on Tuesday, up 2.7% from Monday, but fell to $64,080.23 by 9:19 a.m. ET. Ethereum followed a similar pattern, opening at $1,911.89 before dropping to $1,895.37.
Both cryptocurrencies have declined since the Middle East conflict began in late February, with Bitcoin down 4.4% and Ethereum down 5.7%. Gold futures, by comparison, have fallen 14.7% over the same period. Analysts remain divided on whether the market has reached a bottom.
Bitcoin ETFs recorded net inflows on Monday after three days of outflows, according to data. The Kalshi prediction market places odds on Bitcoin ending the year between $65,000 and $69,999.99.