Ed Kalecki

The Iran conflict triggered a sharp risk-off move across cryptocurrencies.

Bitcoin fell as much as 3.8% to 63,038 before stabilizing near 64,000 in early morning trading in New York.

Ether slid as much as 4.5% to 1836.

Roughly $128 billion was erased from the total value of digital assets in the immediate aftermath.

this according to CoinGecko data.

Operating profits at Berkshire Hathaway fell nearly 30 percent in Warren Buffett's last quarter as chief executive officer as insurance underwriting earnings slumped.

That metric fell by more than 54 percent and the company warned of potential future challenges to the business because of strong competition and rising claims.

Berkshire also took a four and a half billion dollar impairment on its Kraft Heinz and Occidental Petroleum holdings.

Berkshire's cash pile stood at $373.3 billion.

That's down from $381.7 billion in the previous quarter.

The conglomerate's earnings are closely watched because its stable of businesses, ranging from insurance to rail, energy and manufacturing, provides a snapshot of the health of the U.S.

economy.

It's on to the trading month of March after a down February for the US stock market.

We get more from Bloomberg's Charlie Pellett.

That's news when you want it with Bloomberg News Now.

I'm Ed Kalecki.

This is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Ed Kalecki.

President Trump says Iran's supreme leader was killed in U.S.-Israeli airstrikes, raising the stakes in a conflict that's spiraling across the oil-rich Middle East and disrupting traffic around the Hormuz shipping strait.