Bitcoin slips below $69,500 as tanker attacks send oil back above $100
Brent crude surged 10% after attacks on two oil tankers in Iraqi waters, with the prompt spread hitting levels not seen in years and MSCI Asia Pacific stocks falling 1.8%.
By Shaurya Malwa Mar 12, 2026, 4:56 a.m.
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What to know:
- Bitcoin slid below $70,000 after attacks on two oil tankers in Iraqi waters sent Brent crude back above $100 a barrel, erasing a brief relief rally.
- The latest spike in oil and renewed Middle East tensions knocked Asian equities and the broader crypto market lower, with major tokens like ether and solana extending weekly losses.
- On-chain data show persistent selling pressure and weak demand for bitcoin, as investors grapple with conflict-driven stagflation fears and fading prospects for near-term Federal Reserve rate cuts ahead of next week's meeting.
The bitcoin relief rally due to oil losing gains lasted about 36 hours.
Bitcoin fell to $69,393 on Thursday morning, down 0.8% over the past 24 hours and 4.3% on the week, after attacks on two oil tankers in Iraqi waters sent Brent crude surging back above $100 a barrel.
The move wiped out Wednesday's optimism around the IEA's proposed record reserve release and pushed risk sentiment back into retreat across Asian markets.
The chart tells the story of a market that can't catch a break. Bitcoin touched $71,230 late Wednesday evening before the tanker headlines hit, dropping nearly $2,000 in a matter of hours.
That's the third time in two weeks that bitcoin has pushed above $71,000 only to get knocked back by an escalation in the Middle East conflict.
Brent surged as much as 10.5% on Thursday, driven by a combination of the tanker attacks, clearance of the Mina Al Fahal port in Oman, continued hostilities across the Persian Gulf, and growing doubt about whether the IEA reserve release will be large enough to offset the supply disruption.
MSCI's Asia Pacific index dropped 1.8% with energy the only sector in the green. The session extended losses as it went on, with no signs of stabilization.
The broader crypto market followed bitcoin lower. Ether fell to $2,025, down 0.5% on the day and 4.5% on the week. Solana dropped 1.5% to $85 and is now down 5.7% over seven days, the worst-performing major. XRP lost 0.8% to $1.37.
Dogecoin fell 0.8% to $0.092, giving back most of Tuesday's Musk-driven gains. BNB was flat at $642.
The pattern of the past two weeks has been consistent. Good headlines push bitcoin toward $71,000-$74,000. Bad headlines drag it back toward $66,000-$68,000. The net movement over the period is close to zero, which is exactly what the on-chain data has been suggesting.
Apparent demand remains deeply negative at -30,800 BTC on a 30-day basis. CryptoQuant's bull-bear indicator is still in bear territory, while supply in loss continues to climb. Every bounce gets sold into by holders looking to exit.
Trump said earlier this week the war would resolve "very soon" and that military objectives were "pretty well complete."
But the timeline remains unclear, Iran continues to strike targets across the region, and the Strait of Hormuz is still disrupted. Mixed messaging from Washington has left markets unable to price the conflict's duration with any confidence.
The Fed meeting on March 17-18 is now five days away, and oil back above $100 makes the stagflation case harder to dismiss and rate cuts even more distant.
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