The crypto market is experiencing a significant overnight selloff, with bitcoin BTC trading at $69,400 and ether (ETH) heading towards $2,000 after falling by 4.1%. This comes alongside a sharp drop in U.S. equities and precious metals, with Nasdaq 100 futures down by around 1% and gold by 1.8%. Oil prices also spiked above $100 per barrel as peace talks between the U.K. and Iran stalled. The altcoin market was the worst hit, with both the CoinDesk Computing Select Index (CPUS) and the CoinDex DeFi Select index (DFX) tumbling. Deadlock in the Iran-U.S negotiations has led to capital outflow from crypto derivatives, with cumulative crypto futures open interest (OI) dropping by 3.5% to $108.30 billion. Some traders may have shorted BTC futures on major exchanges as prices dropped below $70,000.