Bitcoin (BTC) is sliding lower alongside U.S. stocks amid fears of a widening Middle East war and as crude oil prices move sharply higher.
Bitcoin has fallen 3% in the last 24 hours, slipping below $67,000 U.S. The latest decline comes as U.S. equity markets slide deep into the red as investors rush to the sidelines.
Metals are also under pressure on March 3, with gold and silver each lower by more than 3%.
The decline in Bitcoin and other assets comes as West Texas Intermediate (WTI) crude oil, the U.S. benchmark, trades above $76 U.S. per barrel, up nearly 7% in the past 24 hours.
Brent crude oil, the international standard, is back above $80 U.S. a barrel, having risen 7% in the last day to trade at $83.27 U.S. per barrel.
Additionally, the U.S. dollar is strengthening and at a level last seen on Jan. 20 of this year.
Treasury yields are also moving higher, with the U.S. 10-year government bond holding above 4% and pushing toward 4.1%, reflecting persistent rate pressure.
Bitcoin’s continued decline is dragging the stocks of cryptocurrency companies lower with it.
Strategy (MSTR), the largest corporate owner of Bitcoin, is down 2%, crypto exchange Coinbase Global (COIN) has fallen 5%, and Galaxy Digital (GLXY) is down 3% on March 3.
