Crypto markets started Friday firmly in the green, but erased most of their gains after The Wall Street Journal reported that the Pentagon is moving more troops and warships to the Middle East, signaling a potential escalation in the ongoing conflict.

Bitcoin (BTC) is trading at around $71,200, up 2% over the past 24 hours. The world’s largest cryptocurrency touched $74,000 before reversing. Meanwhile, ETH is up 2.2% to $2,100, and SOL is up 3% to $89.

The overall crypto market capitalization climbed 1.1% to $2.51 trillion, according to Coingecko.

The S&P 500 and the Nasdaq posted minor losses, while oil held steady around $95 and precious metals dropped.

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