Bitcoin fell due to doubts about the solution to the Middle East conflict.

Bitcoin has fallen, as doubts about the imminent end of the conflict in the Middle East weigh on risk appetite. Analysts at IG said in a report that Iran is evaluating the US proposal to end the war, but denied the US claim of formal talks, leading the market to be "highly sensitive to conflicting messages and skeptical about reaching a solution in the short term." They said that the rise in energy prices triggered by the conflict has reignited inflation concerns, and the market is no longer factoring in expectations of a Fed rate cut this year, while some central banks, including the European Central Bank, have hinted at possible rate hikes. Data from the London Stock Exchange Group shows that Bitcoin has fallen by 1.4%, to $70,022.