The de-escalation of repeated clashes between Iran and Israel has lent support to cryptocurrency prices, though lingering uncertainty could trigger fresh sell-offs in the sector.

Konstantinos Chrysikos of Kudotrade stated in a report: “Ongoing geopolitical tensions in the Middle East continue to create a tough operating environment for cryptocurrencies, paired with heightened inflation fears and expectations of tighter monetary policy.” Chrysikos described today’s price gains as dip-buying activity.