India, July 8 -- Cryptocurrencies declined heavily in the past 24 hours amidst escalation in the Middle East tensions and the collapse of the U.S.-Iran ceasefire. Anxiety ahead of the release of the FOMC minutes on Wednesday dampened sentiment further. Bitcoin traded between $64,189 and $61,639 during the past 24 hours.
The bearish price movements in the cryptocurrency market following the exchange of attacks between the U.S. and Iran coincided with a hardening in sovereign bond yields, the firming up of the Dollar Index, a massive jump in crude oil prices, a decline in the prices of gold as well as a sea of red in global stock markets.
Crypto market sentiment, as measured by the CMC Crypto Fear and Greed Index which was at 28 (fear) a da...