In tandem with the negative sentiment in global markets triggered by the latest escalation in tensions between the U.S. and Iran, cryptocurrencies are trading on a heavily negative note. The spike in crude oil prices that followed as well as the massive exodus of funds from U.S.-listed Bitcoin Spot ETF products on Wednesday also weighed on crypto market sentiment.

Overall cryptocurrency market capitalization has slipped close to 3 percent in the past 24 hours. Market leader Bitcoin dropped to a 24-hour low of $72,650, a level last seen in mid-April.

U.S.-listed crypto ETF products witnessed heavy outflows on Wednesday. Bitcoin Spot ETF products witnessed outflows of more than $700 million whereas Ethereum Spot ETF products witnessed…