The crypto market, U.S. equities and precious metals all tumbled on Tuesday as the dollar index (DXY) rose by 0.5% since midnight UTC to its highest level since Jan. 19.

The risk-off sentiment comes after escalation in the conflict in Iran, with Israel launching fresh strikes on Tehran and Beirut while the U.S. embassy in Riyadh was hit by two Iranian drones.

Gold hit a one-month high of $5,410 on Monday but fell back to $5,260 on Tuesday as investors opt for the dollar as a safe haven.

Bitcoin (BTC) has been largely correlated with gold this week; rallying on Monday to $70,000 before reverting back to $66,500 – firmly in the middle of a range it has occupied since early February.

The altcoin market fared worse than bitcoin, with the…