Bitcoin under pressure as U.S.-Iran escalation lifts oil

60-second summary

Bitcoin is under pressure as U.S.-Iran escalation lifts oil prices, with major cryptocurrencies trading in the red. The price of oil has surged 4.5% to $68.50 per barrel, fueling concerns of a global economic downturn. As a result, investors are flocking to safe-haven assets, causing a sell-off in the crypto market with Bitcoin down 2.5% to $32,500.