Bitcoin Dips as U.S. Dollar Spikes to 6-Week High

Crypto markets retraced some of Monday’s gains amid the ongoing conflict in the Middle East, with oil surging above $75 a barrel as the U.S. and Israel bombarded Iran for a fourth day.

Bitcoin (BTC) is trading at around $68,500, down 1% over the past 24 hours. Meanwhile, ETH and SOL are down 2% at about $2,000 and $86, respectively, and BNB is down 1% on the day.

The overall crypto market capitalization dipped less than 1% to $2.41 trillion, according to Coingecko.

Global markets are being pressured by a strengthening dollar, with the U.S. Dollar Index (DXY) hitting a 6-week high of 99.68 earlier this morning. The S&P 500 and the Nasdaq dipped by around 1%, while gold and silver plunged by 4% and 7%, respectively.

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

Top gainers include Mantle (MNT), Aptos (APT), and Near Protocol (NEAR), which rallied approximately 6%.

AAVE and Memecore (M) are today’s biggest losers, down 11% and 9%, respectively.

Around 110,000 leveraged traders were liquidated for $372 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $147 million, while ETH positions made up $78 million.

Bitcoin exchange-traded funds (ETFs) recorded $458 million in inflows on Monday as investors continued to add exposure despite the ongoing volatility. This follows $787 million of inflows last week.