Cryptocurrencies are starting June on a down note as prices for major digital assets continue to slide lower.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is down 2% on June 1 and trading at $72,000 U.S., its lowest level in about four weeks.
Ethereum (ETH) is also in the red to begin June, with its price at $1,985 U.S. and back below the key support level of $2,000 U.S.
The continued slump comes after Bitcoin saw its price decline 4% in May. It was the first monthly decrease in BTC since February of this year.
Analysts say cryptocurrencies remain under pressure as the U.S. and Iran trade missile attacks and a peace deal between the two countries fails to materialize.
Rising oil prices are also pressuring risk assets such as crypto, with Brent crude up 3% on June 1 after falling more than 10% in recent weeks.
Smaller cryptocurrencies known as altcoins, such as Solana (SOL) and XRP (XRP), are also on a downslope heading into summer as the relentless selling of digital assets continues.
Analysts also note that continued selling of crypto by institutional investors remains a problem, with spot Bitcoin exchange-traded funds (ETFs) seeing record outflows in the past two weeks.
Barring a permanent peace deal between the U.S. and Iran, along with a decline in oil prices, analysts expect cryptocurrencies to continue experiencing downward pressure.
Bitcoin has fallen 43% from an all-time high of $126,000 U.S. reached last October.
