Macro uncertainty has been on the rise ever since last year, as reflected in the global uncertainty index, and this has weighed heavily on the crypto markets. Adding to this pressure, yesterday, news surrounded Iran conducting live-fire missile drills near the Strait of Hormuz, one of the world’s most important oil shipping routes, re-escalating geopolitical tensions in the Middle East. The drills were conducted by Iran’s Revolutionary Guard at a time when the United States and Iran began a new round of high-stakes nuclear negotiations in Geneva. 

The timing was certainly not coincidental. These drills come alongside U.S. military deployments in the region and ongoing disagreements over Iran’s nuclear programme,…