The recent rally in stocks following a new Middle East war appears to have been a false alarm, with the Nasdaq at session lows and the S&P 500 at 2.3%. European markets also seeing a decline, with a 5.2% drop in Italy's IBEX 35 and a 4.1% fall in Germany's DAX. Meanwhile, precious metals are also falling, with gold falling by 4.3% and silver falling by 7.5%. However, despite this, bitcoin is still trading at $68,000, rising by over 2% from its worst levels of the day.