NEW YORK, March 20, 2026, 15:26 (EDT)
Bitcoin dropped under $70,000 on Friday, holding close to that mark into the afternoon in New York. Higher oil prices and fresh inflation concerns have pressured risk assets. The coin was recently quoted at $69,833, after falling as low as $69,459 earlier in the day—its third daily decline in a row.
This shift comes as investors dial back their bets on U.S. rate cuts. With the Federal Reserve and other big central banks leaving rates unchanged this week, futures pricing now suggests the Fed won’t ease until at least mid-2027. Treasury yields climbed, stocks dropped.
Another headwind: spot bitcoin ETFs saw more outflows. According to Farside data, U.S. spot bitcoin ETFs—funds that physically hold bitcoin—recorded net outflows of $163.5 million on March 18 and $90.2 million on March 19, after taking in $199.4 million each in the two sessions before that.
The friendlier U.S. policy headlines lost some punch after that reversal. Just this week, the SEC gave Nasdaq the green light on March 18 to begin trading certain stocks and ETFs as tokenized assets—regular securities, but on the blockchain. The day prior, the SEC and CFTC rolled out updated guidance that defined several crypto asset classes.
“Traders are weighing whether higher oil prices will push up inflation or stall growth,” said Jake Ostrovskis, who heads OTC trading at Wintermute. At Certuity, chief investment officer Scott Welch said investors are “beginning to worry about inflation because of oil prices.” For Mike Dickson at Horizon Investments, it’s “a real inflation risk.” Bloomberg.com
Crypto felt the squeeze too. Ether dropped to $2,122.96, while Coinbase gave up $6.98. Strategy shed $3.89 as the Wall Street rout picked up speed.
The week’s rebound lost some of its luster after the slip. Bitcoin reached as high as $73,949 on Tuesday, building on momentum sparked by the Iran conflict, but Friday’s action pared back much of those gains, leaving the rally looking fragile.
Still, things could flip in a hurry. Persistent oil-fueled inflation jitters and renewed rate-hike speculation could keep bitcoin stuck alongside other risk trades. On the other hand, if the energy jolt subsides, yields might retreat and that same pressure could vanish in short order.
Buyers haven’t vanished, but they’re showing less conviction lately. Bank of America Global Research reported $1.0 billion flowed into cryptocurrencies last week, even as investors moved $23.5 billion into cash—nervousness in the market, not a lack of activity.
