The total cryptocurrency market fell 1.24% on Wednesday after the United States launched military strikes against Iran, lifting oil prices and pushing investors out of risk assets.

Bitcoin (BTC), Ethereum (ETH), and most large tokens traded lower over the past 24 hours, though the majors held onto strong gains built over the past week.

Oil Price Jumps as US Strikes Hit Iran

CENTCOM said its forces struck Iran, revealing they hit more than 80 targets with precision munitions on July 7. The actions followed reports of Iranian attacks on three vessels in the Strait of Hormuz.

The latest attacks tested a fragile ceasefire reached between Washington and Tehran last month. The military described…