India, Sept. 28 -- Amidst renewed geopolitical tensions in the Middle East and a surge in crude oil prices, bond yields and the U.S. dollar that followed, cryptocurrencies have slipped into negative territory. Overall cryptocurrency market capitalization has declined 1.4 percent overnight to $2.86 trillion while Bitcoin is trading with overnight losses of 1.6 percent.
Tensions escalated in the Middle East amidst President Donald Trump rejecting an Iranian peace proposal to reopen the Strait of Hormuz. Both the crude oil benchmarks recorded sharp increases before easing slightly amidst fresh hopes of a diplomatic resolution.
The dollar's strengthening also dampened crypto market sentiment. The six-currency Dollar Index which measures the U...