The prices of Bitcoin and other major cryptocurrencies turned higher on Monday as digital-asset investors continued to assess the outlook for financial markets amid a spiking oil price and escalating war in Iran.

Bitcoin was trading at $69,048, up 2.6% over the past 24 hours, according to CoinDesk. The world's largest holder of the cryptocurrency, Strategy, revealed Monday that it had purchased nearly $1.3 billion worth of Bitcoin last week as the price wavered.

After falling earlier on Monday, popular alt-coin XRP turned higher to rise 1.1%, while Ethereum, the world's second-largest cryptocurrency, gained 3.6%.

Cryptocurrencies initially rallied in the days following the outbreak of war in Iran. However, broader risk sentiment started to flag as the prospects of a short conflict waned. The benchmark S&P 500 was down 0.4% on Monday while the Dow Jones Industrial Average also traded in the red.

"Crude's sharp weekly advance has pushed inflation expectations higher and led markets to scale back the probability of near-term Federal Reserve easing," Nexo analyst Iliya Kalchev wrote Friday. Brent crude and West Texas Intermediate futures were trading above $100 a barrel on Monday before retreating below that level.

Kalchev added that financial conditions were tightening "not because policy has shifted, but because risk premiums have expanded." In short, cryptocurrencies could be negatively impacted if investors continue to pull back from risk assets.

Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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