NEW YORK, March 27, 2026, 14:12 (EDT).
Bitcoin dropped over 4% on Friday, sliding under $66,000. The largest cryptocurrency was recently trading at $65,655 in the U.S. afternoon, after dipping to an intraday low of $65,586.
The impact stretched beyond just token prices. Strategy slid 5.7%, shares of Coinbase fell 7.2%, MARA tumbled close to 10.0%, and ether also dipped about 3.3%. Losses swept across the sector.
The Nasdaq dropped further into correction, oil sticking above $110 a barrel. Investors remain unconvinced a lull in Iran energy strikes will settle Middle East jitters. “Words alone aren’t cutting it right now,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. Reuters
Crypto markets saw their own test this week. Around $14 billion in bitcoin options, nearly 40% of open interest on Deribit, were due to expire Friday. Meanwhile, data from Bloomberg showed $171 million was pulled from spot bitcoin ETFs just on Thursday. ETFs let investors trade bitcoin like a stock; options give traders the right, but not the obligation, to buy or sell at an agreed price.
Weakness comes alongside a more dovish policy environment. Citigroup on March 17 slashed its 12-month bitcoin forecast to $112,000, down from $143,000, warning that a recession could push the token as low as $58,000. “Regulatory catalysts will drive further adoption and flows but the window of opportunity for U.S. legislation this year is narrowing,” Citi strategist Alex Saunders said. Reuters
Crypto wasn’t getting any slack from investors on this day. Bill Mann, chief investment strategist at Motley Fool Asset Management, called it “a level of uncertainty in the extreme” in comments to Reuters, and said “the fog of war” felt heavier compared to earlier conflicts. Reuters
Crypto firms in the public markets are making moves of their own. MARA disclosed Thursday it unloaded 15,133 bitcoin between March 4 and March 25, raising roughly $1.1 billion to help pay down debt. CEO Fred Thiel labeled it a “strategic capital allocation move” aimed at reinforcing the company’s balance sheet. MARA
That leaves the outlook for the next move open. Global equity funds just saw their largest weekly inflow in almost two and a half months, driven by optimism that tensions in the Middle East could de-escalate. Oil prices are on track for their first weekly drop since the conflict erupted. If things stay calm, bitcoin might catch a break after Friday’s volatile action.
Still, risks abound. Reuters noted Friday that oil is heading for its second-largest quarterly jump this century, while global rates are moving higher, not lower. That’s a tough setup for speculative trades right now.
