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Bitcoin and other cryptocurrencies fell once more as the US, Israel, and Iran exchanged new threats and attacks.  The biggest coin dropped as much as 3.3 percent to trade at about $68,150, the lowest level since early March. Other tokens saw a more intense selloff; at one point, Ether lost almost 5% to drop to $2,050.

Bitcoin has declined since the beginning of the conflict, losing about 20% since the US and Israel began attacking Iran at the end of February. The drawdown has revealed the limitations of a long-standing debate in cryptocurrency circles about the coin’s capacity to serve as a haven in emergencies

However, according to Peter Tchir, head of macro strategy at Academy Securities, there are additional factors at work, such as the fact that Bitcoin has become entangled in a larger selloff that has also pulled down stocks and other risky assets. Given that it increases the cost of token mining, higher energy prices might also be affecting the sector.

The cryptocurrency market, which is open around-the-clock, has given traders a weekend glimpse into how other assets might move once conventional markets reopen. As of around nine in the morning on Sunday, perpetual futures on Hyperliquid, a cryptocurrency exchange that has grown to be one of the biggest venues for 24-hour derivatives trading, showed oil-linked contracts rising by more than 2 percent to $98 per barrel.

The price of oil and other commodities increased after President Donald Trump threatened to bomb Iran’s power plants unless the nation reopened the Strait of Hormuz, a vital transportation route that has been essentially closed for weeks. Iran retaliated with its own threats, stating that if its fuel and energy infrastructure were attacked, it would target US and Israeli outposts in the Middle East. Iran’s attacks on Israel, meanwhile, seemed to be getting more intense already.