On June 12, 2023, the price of the first cryptocurrency and Ethereum fell after reports of Israeli airstrikes on Iran. The escalation of the conflict caused an outflow of investors from risky assets.

In the last 24 hours, Bitcoin has decreased by 3.6%, dropping below the $104,000 level. Against this backdrop, oil prices have risen by more than 7%. The benchmark American grade West Texas Intermediate has increased to $71.94 per barrel. The international standard Brent has risen to $73.16 per barrel.

LVRG Research director Nick Rak stated in a comment to The Block that the pressure on cryptocurrencies is related to the flight of investors to safer instruments.