Crypto shares fell in premarket trading. SharpLink Gaming, BitMine, Circle, Bullish, CleanSpark down over 3%.

Bitcoin fluctuated near a two-week low on Monday, sliding in early Asia trading before rebounding to a key support level amid escalating tensions in the Middle East.

The original cryptocurrency fell as low as $67,371, its lowest level since March 9, in early trading, spending much of the day around $68,000 — a 200-week technical support level. The token was at roughly $67,800 at 7 a.m. in London.

The weakness reflects a broader pullback in risk assets as tensions in the Middle East intensified over the weekend. US President Donald Trump threatened to bomb Iran’s power plants unless the country reopened the Strait of Hormuz, a critical trade waterway. Tehran responded by warning it would target key infrastructure across the Middle East should its fuel and energy infrastructure be attacked.

“The primary trigger was geopolitical,” said Rachael Lucas, an analyst at BTC Markets. “President Trump’s 48-hour ultimatum threatening to obliterate Iranian power plants unless the Strait of Hormuz was reopened spiked Brent crude prices.”