Crypto markets and broader risk assets remain firmly driven by macro developments, with geopolitical headlines continuing to dictate short-term direction, analysts say.
Bitcoin dropped below $69,000 on Thursday as a broader risk-off move intensified, erasing earlier gains tied to optimism around potential easing of Iran-U.S. tensions. The cryptocurrency fell more than 3% from an overnight high above $71,000.
Major altcoins moved in tandem, with ether, XRP, Solana and Cardano each declining between 4% and 5% خلال the same stretch.
Oil prices continue to act as a key barometer for global markets. Crude futures rose roughly 4%, reversing earlier losses and reviving concerns over inflation and supply disruptions linked to the Iran conflict.
Equity markets also weakened, with U.S. stocks sliding to session lows by midday. The Nasdaq was down about 1.4%, while bond yields surged, with the U.S. 10-year Treasury yield climbing 7 basis points to 4.40% and Germany’s 10-year Bund yield rising 10.5 basis points to 3.06%.
Mega-cap tech stocks remain under pressure. All members of the “Magnificent Seven” are now down double digits from their peaks, including NVIDIA (down 18%), Meta (30%), Amazon (20%), Alphabet (19%), Microsoft (34%), Tesla (25%) and Apple (14%).
“The near-term path for markets will remain closely tied to macro developments,” said Joel Kruger, market strategist at LMAX Group. He added that signs of geopolitical de-escalation could support a rebound in risk assets, including bitcoin, while persistent uncertainty may keep markets range-bound and volatile.
Crypto-linked equities also came under pressure, with shares of Coinbase, Circle and MicroStrategy falling between 3% and 4%.
The steepest declines were seen among bitcoin miners, many of which are increasingly correlated with broader technology and AI infrastructure trends. Hut 8 dropped 8.6%, while IREN and Riot Platforms fell more than 7%. TeraWulf and HIVE Digital also posted significant losses.
WhiteFiber shares plunged 14% after reporting weaker earnings, including a fourth-quarter net loss of $1.5 million and a full-year loss of $24.7 million. Its parent company, Bit Digital, declined around 8%.
A few names bucked the broader trend. MARA Holdings rose 8.7% after announcing it had sold $1.1 billion worth of bitcoin to reduce its debt load.
