CoinDesk’s Memecoin (CDMEME) and DeFi Select (DFX) indices posted modest gains, NEAR jumped 13.3% from oversold levels, and DeFi tokens JUP and MORPHO extended weekly gains of 23% and 20%.
The crypto market, U.S. equities and precious metals all tumbled on Tuesday as the dollar index (DXY) rose by 0.5% since midnight UTC to its highest level since Jan. 19.
The risk-off sentiment comes after escalation in the conflict in Iran, with Israel launching fresh strikes on Tehran and Beirut while the U.S. embassy in Riyadh was hit by two Iranian drones.
Gold hit a one-month high of $5,410 on Monday but fell back to $5,260 on Tuesday as investors opt for the dollar as a safe haven.
Bitcoin BTC$67,029.69 has been largely correlated with gold this week; rallying on Monday to $70,000 before reverting back to $66,500 – firmly in the middle of a range it has occupied since early February.
The altcoin market fared worse than bitcoin, with the likes of ADA, ZEC and DASH losing upwards of 4% since midnight UTC.
