The crypto market exhibited signs of volatility on Tuesday, with bitcoin spiking to $68,300 shortly after midnight UTC before tumbling back to $66,500.

The initial spike was spurred by reports that U.S. President Donald Trump was willing to end the war in Iran without the Strait of Hormuz being opened. The optimism faded after Israeli officials said they were prepared to “keep operating for weeks to come.”

The war, now in its 32nd day, has sent energy prices surging, with Brent crude trading around $107 per barrel, leading to inflation concerns and widespread risk-off sentiment.

Crypto, while being relatively resilient throughout March, is beginning to show signs of weakness after bitcoin failed to rise above $75,000 on two…