Bitcoin Nears $70k as Trump Comments Trigger Oil Plunge

Edgen Crypto

·Mar 09 2026, 22:52

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Key Takeaways

Comments from U.S. President Donald Trump suggesting a quicker-than-expected resolution to the conflict with Iran triggered a significant market reversal on March 9. The news caused crude oil prices to collapse from their session highs and fueled a relief rally in risk assets, including cryptocurrencies and U.S. equities, as geopolitical tensions appeared to ease.

Geopolitical Relief: President Trump’s statement that the military action against Iran was “very far ahead” of schedule sparked a sharp reduction in perceived market risk.
Oil Price Collapse: WTI crude oil, after initially soaring 30% to $120 per barrel, plunged dramatically to $85 per barrel, a $35 swing from its peak.
Risk-Asset Rally: Bitcoin (BTC) gained 2.4% to trade above $69,000, while crypto-related stocks like Circle (CRCL) advanced 10%.

WTI Crude Plummets $35 From Peak on De-escalation News

Crude oil markets experienced a day of historic volatility on March 9 after comments from President Trump eased fears of a prolonged conflict with Iran. WTI crude, which had soared as much as 30% to a high of $120 per barrel on Sunday evening, reversed its course sharply. Following Trump's late-afternoon remarks stating the action was "very far ahead" of schedule, oil prices tumbled to as low as $85 per barrel. The massive swing left WTI crude down 6% for the day, wiping out all war-related premiums priced into the commodity.

Bitcoin Climbs Past $69k as Risk Appetite Returns

The sharp de-escalation in geopolitical tensions immediately fueled a rally in risk-on assets. Bitcoin (BTC) extended its gains, climbing 2.4% over the 24-hour period to trade just above $69,000. The move mirrored a broader recovery in U.S. equities, which had opened lower. The tech-heavy Nasdaq Composite closed ahead by 1.25%, and the S&P 500 gained 0.8% as investors rotated capital back into growth-oriented assets.

Crypto Stocks Gain as Circle (CRCL) Jumps 10%

The renewed optimism spread to crypto-related equities, which posted significant gains by the market close. Shares of stablecoin issuer Circle (CRCL) led the sector, finishing the day 10% higher. Corporate bitcoin treasury holder MicroStrategy (MSTR) saw its stock rise 5%, while cryptocurrency exchange Coinbase (COIN) added 2%. These gains reflect a broad-based investor appetite for digital asset exposure when macroeconomic and geopolitical risks subside.