📌 Japan will open its emergency oil reserves for the first time in 50 YEARS to deal with national oil crisis. They will release 80 million barrels of oil starting from March 16.
Bitcoin Slips Below $68K as Strong Dollar Pressures Crypto Markets
Bitcoin dropped below $68,000 heading into the weekend, falling about 3.4% in the last 24 hours after briefly touching $74,000 earlier in the week. The move continues a familiar pattern of late-week selling pushing prices back toward the lower end of the range.
Major cryptocurrencies followed the pullback. Ether fell 4.4% to around $1,974, Solana declined 4% to $84, Dogecoin dropped 2.9%, BNB slid 2.6%, and XRP lost 2.2% as Friday’s gains were erased.
Despite the weekend weakness, the weekly trend remains slightly positive. Bitcoin is still up roughly 3.6% over the past seven days, with Ether gaining 2.6% and BNB rising 2.1% after markets initially rallied mid-week.
Macro forces are weighing heavily on risk assets. The U.S. dollar recorded its steepest weekly gain in a year, fueled by expectations of higher energy prices, persistent inflation, and delayed Federal Reserve rate cuts. A stronger dollar typically creates a headwind for assets like bitcoin that are priced against it.
On-chain data highlights underlying fragility. According to Glassnode, about 43% of Bitcoin’s circulating supply is currently sitting at a loss. That creates potential selling pressure on rallies, as investors may look to exit positions when prices recover.
One positive signal comes from liquidity. Stablecoin inflows surged 415% this week to $1.7 billion, suggesting a large amount of capital waiting on the sidelines that could re-enter the market if sentiment improves.
With Middle East tensions still unresolved, oil prices elevated, and the macro environment tightening, crypto markets remain highly sensitive to global developments. Bitcoin’s move from $68K → $74K → back to $68K this week shows the market is still stuck in a volatile range rather than a clear trend.
Ether, Solana, and XRP Surge as Crypto Markets Rally on Easing War Fears
The cryptocurrency market saw a strong rebound on Thursday as major digital assets rallied following improving global sentiment. Rising optimism in financial markets, easing geopolitical tensions, and strong institutional inflows pushed crypto prices higher, with Ether, Solana, XRP, and several other altcoins posting notable gains. Bitcoin Breaks Key Resistance Bitcoin led the rally by decisively breaking above the $72,000 level, marking its highest price since the February 5 crash. The move also represented the first successful breakout above the $70,000 resistance level, which had rejected the asset multiple times during the past month. By Thursday afternoon in Asian trading hours, Bitcoin was trading around $72,180, rising 5.9% in the past 24 hours and 5.4% over the week. Several factors helped fuel the rally: Easing fears around global geopolitical tensionsStrong inflows into U.S. spot Bitcoin ETFsRecovery in global equity markets Since the beginning of March, over $700 million has flowed into U.S. spot Bitcoin ETFs, showing continued institutional demand for crypto exposure. Altcoins Join the Rally The bullish momentum extended across the broader crypto market, with several major altcoins recording strong gains. Ether surged 7.5%, reaching $2,114, reclaiming the important $2,000 level for the first time since late February.Dogecoin jumped 7.5%, trading around $0.095.Solana climbed 5.3% to $89.91.XRP rose 4.2% to $1.41.BNB gained 3%, reaching about $650.WhiteBIT Coin advanced 5.6%. One exception was Tron, which lagged behind the broader market with a more modest 1.4% increase. Global Markets Help Lift Crypto The rally in crypto coincided with a rebound in global equities. Asian stock markets surged after suffering heavy losses earlier in the week when the Iran–Israel conflict first escalated. South Korea’s benchmark stock index jumped 11%, rebounding from its largest drop on record in the previous trading session. Meanwhile, Wall Street had already started recovering after economic data helped ease concerns about inflation, improving overall investor confidence. Geopolitical Tensions Still Present Despite the market rebound, the geopolitical situation in the Middle East remains unresolved. Military operations between Iran, Israel, and U.S. forces continue, with officials indicating that the conflict could last several weeks. However, markets appear to be adjusting to the situation. Oil prices have retreated from earlier spikes, and shipping through the Strait of Hormuz has stabilized with U.S. tanker escorts in place. Investors increasingly believe that the worst-case scenario of a major regional escalation is becoming less likely, allowing risk assets like cryptocurrencies to recover. Market Outlook The breakout above $72,000 could signal renewed bullish momentum for the crypto market if investor sentiment remains positive. Strong ETF inflows, improving macroeconomic conditions, and reduced geopolitical fears may continue to support digital assets in the near term. However, traders remain cautious as geopolitical developments and global economic data could still influence market direction in the coming weeks. #dyor #NFA✅