Bitcoin resumes its downward trend as oil prices surge, triggering a wave of safe-haven demand.
BlockBeats News, March 9, according to market data from a certain exchange, the price of bitcoin briefly fell below $66,000 this morning, nearly erasing last week's rebound and returning to a downward trend, with a decline of about 1.35% over the past 24 hours. In the past 24 hours, the total liquidation across the network reached $329 million, with long positions liquidated for $228 million and short positions for $101 million.
Due to the Iran conflict leading more major oil-producing countries to cut production, both WTI and Brent crude oil prices broke through $100 per barrel on Monday. Dow futures initially expanded their decline to 2%, Nasdaq futures are currently down 1.65%, and S&P 500 index futures are down 1.7%.
Michael O'Rourke, Chief Market Strategist at JonesTrading, stated: "The worst reaction from the stock market has yet to come. Until we see substantial positive news, I expect risk-off sentiment to continue spreading." At the same time, hedge funds have reduced their net risk exposure to the lowest level since 2022.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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