BTC, ETH price news: Bitcoin under pressure as oil spikes 6%. What's next?

CoinDesk

by Shaurya Malwa

March 2, 2026

AI-Generated Deep Dive Summary

Bitcoin faced downward pressure Monday as traditional markets grappled with the implications of escalating tensions between the U.S. and Iran. The cryptocurrency dropped to $66,702, down 1.1% over the past 24 hours, as global financial markets began pricing in the impact of the ongoing conflict. This decline followed a brief rally over the weekend that saw Bitcoin rise to $68,000, driven by initial reactions to Iran's confirmation of Khamenei as its new leader. However, the broader crypto market showed mixed performance, with Ether falling 2.5% to $1,967 and Solana dropping 4.1% to $84, while XRP lost 3.6% to $1.36. The situation in traditional markets highlighted the growing risks for cryptocurrencies. Oil prices surged as much as 13% at the open before stabilizing around $77.50, marking a 6.4% increase—the largest jump since Russia's invasion of Ukraine in 2022. The Strait of Hormuz, which accounts for about one-fifth of global oil flow, remains effectively closed, according to Bloomberg. Asian equities dropped 1.4%, and U.S. equity futures fell 0.7%. Gold prices climbed to $5,350 an ounce as investors sought safe-haven assets amid heightened uncertainty. The connection between oil prices and crypto's trajectory is critical. Higher energy costs fuel inflation expectations, which can delay Federal Reserve rate cuts. This, in turn, tightens liquidity conditions for risk assets like cryptocurrencies. However, some crypto traders argue that the market may be less vulnerable to downside risks given Iran's limited integration into global financial systems. Experts suggest that increased oil supply from OPEC and the U.S. could help stabilize prices over time. The situation remains fluid as conflicting reports emerged regarding potential Iranian negotiations with the U.S. While some sources indicated a possibility of renewed talks, others dismissed it outright. This uncertainty, coupled with ongoing military operations, adds to the risk factors for crypto markets. As a result, cryptocurrencies are now

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Originally published on CoinDesk on 3/2/2026