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Cryptocurrencies were caught up in the general market volatility ahead of President Donald Trump’s deadline for Iran, which caused Bitcoin to decline on Tuesday.  The biggest cryptocurrency was trading at about $68,460 after falling as much as 2.2 percent.

The decline erased the day’s gains. Other digital assets declined as well. Ether saw a 2.8 percent decline. Ahead of Trump’s deadline on Tuesday, when he threatened to bomb Iranian civilian infrastructure unless the Strait of Hormuz was opened, world stocks moved.

Bulls lack sufficient conviction to sustain breakouts, and bears are unable to force a decisive breakdown.

Investors have mostly stayed on the sidelines due to the escalation of risks in the conflict with Iran since it was revealed that Iran had rejected a ceasefire proposal. Oil prices have skyrocketed since the war began, and Trump claimed that any agreement to end the conflict would include opening the strait, a vital trade waterway. Brent crude increased on Tuesday, building on gains of about 50% since the conflict began at the end of February.

Gold fell more than 10% since the beginning of the conflict and was essentially flat for the day. With indications that institutional selling pressure is lessening, Bitcoin has proven relatively resilient.

In addition to the $22.3 million in inflows last week, US-listed spot Bitcoin exchange-traded funds saw $471.3 million in net inflows on Monday. Since the beginning of March, Bitcoin has mostly remained trapped between $65,000 and $75,000. Cryptocurrency trading has been poor since a dramatic selloff in October