Bitcoin Returns to Downtrend as Oil Price Surge Triggers Safe Haven Rush

BlockBeats News, March 9th, according to HTX market data, the price of Bitcoin fell below $66,000 this morning, erasing nearly all of last week's rebound and returning to a downtrend, with a drop of about 1.35% in the past 24 hours. A total of $329 million was liquidated across the entire network in the past 24 hours, with long liquidations totaling $228 million and short liquidations totaling $101 million.

Due to the Iran conflict leading to more major oil-producing countries cutting production, the prices of both WTI and Brent crude oil broke through $100 per barrel on Monday. Dow futures extended their early losses to 2%, Nasdaq futures are currently down 1.65%, and S&P 500 futures are down 1.7%.

Michael O'Rourke, Chief Market Strategist at JonesTrading, said, "The stock market's worst reaction is yet to come. I expect risk-off sentiment to continue to spread until significant positive news is seen." Meanwhile, hedge funds have reduced their net risk exposure to the lowest levels since 2022.