Bitcoin edged lower on Tuesday, coming under pressure from worsening risk appetite as hopes for a U.S.-Iran deal to reopen the Strait of Hormuz dithered. 

The crypto was also pressured by Strategy, the world’s biggest holder of Bitcoin, disclosing that it had sold more of its holdings.

Bitcoin fell 0.5% to $63,658.6 by 17:24 ET (21:24 GMT). 

Gold prices ticked up on Tuesday, as oil slumped for a second straight session after the U.S. touted an imminent reopening of the critical Strait of Hormuz. Precious metal market participants also gauged labor market data for further cues on monetary policy. 

At 15:59 ET (19:59 GMT), spot gold added 0.6% to $4,079.52/oz, while gold futures gained 1.1% to $4,136.34/oz.

Oil prices slumped on Tuesday, erasing earlier gains, following a string of potentially positive headlines on Middle East peace talks.

As of 07:45 ET, Brent crude futures, the global oil benchmark, had ticked down by 1.8% to $82.23 per barrel, after having gained more than 2.5% previously during the session. U.S. West Texas Intermediate (WTI) crude futures dropped 2.6% to $78.24 per barrel.

The U.S. dollar was little changed on Tuesday, as the big story in foreign exchange markets continued to be the yen. The Japanese currency weakened against the greenback, but was still well above the four-decade low it had hit before last week’s landmark intervention.