Bitcoin tumbles below $66,000 as oil prices explode nearly 20% higher
There was little sign over the weekend of any de-escalation in the war against Iran.
Updated Mar 8, 2026, 10:50 p.m. Published Mar 8, 2026, 10:43 p.m.
In what’s become a familiar scenario in crypto over the past few months, prices are starting the week on the wrong foot.
After little sign over the weekend of any de-escalation in the U.S. war against Iran, the price of oil has exploded higher in Sunday evening U.S. trade. April WTI crude oil futures are currently up 19.1% to $108.35 per barrel. That’s roughly double the price at the start of 2026 and the highest level in about four years.
That surge, in turn, has sent U.S. stock index futures down by nearly 2% across the board. Futures for Japan’s Nikkei 225 are lower by 3.1% shortly before that stock market opens for Monday trade.
Bitcoin BTC$67,211.47 is lower by 2% and trading just below $66,000. Ether (ETH) and solana (SOL) are down closer to 1.4%.
A check of other commodity prices finds the precious metals and copper all trading modestly lower.
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Oil futures surge 20% past $110 as war fears hammer Asian stocks, bitcoin steady near $67K
Nikkei drops more than 6%, and Kospi slides about 8% as traders price supply disruption risk, while prediction markets show strong odds of $120 crude.
What to know:
- Oil prices spiked above $110 a barrel, with West Texas Intermediate crude jumping about 17 percent in 24 hours as Middle East tensions raised fears of supply disruptions near the Strait of Hormuz.
- Asian stock markets tumbled on the energy shock, with Japan’s Nikkei 225 falling more than 6 percent and South Korea’s Kospi dropping about 8 percent, while major cryptocurrencies like bitcoin held steady around $67,000.
- Prediction and derivatives markets are split, with Polymarket pricing a high chance of crude reaching $120 by late March even as some traders bet on a pullback, and odds strongly favor the Federal Reserve keeping interest rates unchanged in March despite renewed inflation risks from higher oil.
