LONDON, March 11, 2026, 08:37 GMT
Bitcoin slipped under the $70,000 mark on Wednesday, shedding some of Tuesday’s recovery as traders trimmed exposure ahead of a crucial U.S. inflation readout. Most recently, bitcoin changed hands at $69,560, off roughly 1.9% after swinging between $71,569 and $69,382. Ether dropped 2.3% to $2,018, while XRP edged down 2.1% to $1.37.
Bitcoin rose 1.58% to roughly $70,094 on Tuesday, helped by an oil slump of over 11% as markets gambled—at least for a moment—that the Middle East conflict wouldn’t deliver a lasting jolt to energy or inflation. By Wednesday, though, that optimism was looking shaky. Investors remained anxious about fallout from the war and what it could mean for growth and prices.
Spot bitcoin ETFs are still seeing buyers step in. On March 10, U.S.-listed funds attracted a net $246.9 million, up from $167.1 million the day before, according to Farside Investors. BlackRock’s IBIT alone took in $185.8 million on Tuesday.
All eyes now turn to Wednesday’s U.S. Consumer Price Index release. Reuters’ poll shows economists expecting headline CPI to climb 0.3% in February over January, and 2.4% versus last year. Core CPI, which excludes food and energy, is forecast up 0.2% month-on-month and 2.5% higher year-on-year. “The February CPI is likely to show that progress on lowering inflation is stalling out again,” said Sarah House, senior economist at Wells Fargo. BNP Paribas Securities’ Andy Schneider pointed out that the latest oil rally alone might tack on 0.15 to 0.30 percentage point to headline inflation, depending on how the conflict unfolds. Reuters
Gold hovered close to its all-time peak Wednesday, reflecting persistent market jitters despite traders maintaining wagers on a rate cut before year-end. According to Reuters, most investors anticipate the Federal Reserve will leave rates unchanged next week, but CME’s FedWatch tool continues to indicate at least two cuts in 2026.
“Markets are presently trading on the news flow and the here-and-now rather than being forward-looking,” said Chidu Narayanan, head of APAC macro strategy at Wells Fargo. He sees risk aversion staying high as the conflict drags on. Reuters
Oil prices remained choppy. Brent bounced back 0.7% to $88.39 a barrel on Wednesday, according to Reuters, following Tuesday’s sharp drop. Suvro Sarkar, who heads DBS’s energy sector team, argued that tapping strategic reserves isn’t a fix—he pointed out prices hinge on how long the Iran conflict drags on. Morgan Stanley echoed the uncertainty, noting that even a swift resolution would likely ripple through the market for weeks.
Bitcoin faces its usual risk right now: if CPI surprises on the upside or oil spikes again, traders may have to push back those Fed cut bets, putting pressure on speculative names. On Tuesday, BlackRock Investment Institute noted that the market is factoring in disruptions lasting for weeks—neither just days nor stretching out to months.
Bitcoin hasn’t climbed back to its October 2025 peak of $125,835.92—fueled then by heavy institutional buying that pushed it through $125,000—but it’s a far cry from the 16-month trough of $60,017.60 it reached on Feb. 6, when risk assets tumbled.
