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%Cryptocurrency prices are deep in the red on June 13 as geopolitical tensions rise following Israel's attack on nuclear and military sites in Iran.

%Bitcoin (CRYPTO: $BTC ), the largest cryptocurrency by market capitalization, is down 2% and currently trading at $104,935 U.S. in volatile trading.

Other cryptocurrencies are down even more, with the price of %Ethereum (CRYPTO: $ETH ), %Solana (CRYPTO: $SOL ) and %Dogecoin (CRYPTO: $DOGE ) each down more than 6% on the day.

Unlike stocks, cryptocurrencies trade around the clock: 24 hours per day, seven days a week.

Analysts say capital is flowing out of risk assets such as crypto and stocks as investors seek safety in gold and the U.S. dollar.

The flight to safety has been sparked by reports that Israel attacked nuclear and military sites in Iran overnight on June 13.

For its part, Iran has responded by launching a heavy drone attack against Israel, raising the prospect of all-out war between the two countries.

The current risk-off move by investors is broad-based and being seen across global markets as stocks sink in Europe, Asia, and North America.

Consequently, the U.S. dollar rallied 0.6%, reversing a three-year low, and gold's price surged to near a two-month high.

Crude oil prices spiked as much as 13% before paring some of those gains. Stocks of leading defence contractors such as %LockheedMartin (NYSE: $LMT ) and RTX (RTX) are up about 5%.

The U.S. dollar's strength is particularly noteworthy as the greenback is now outperforming other major currencies such as the Euro, Swiss franc, and Japanese yen.

Analysts say volatility, particularly for risk assets such as crypto, is likely to remain high in coming days and weeks as markets grapple with the unfolding geopolitical situation.