Leading cryptocurrencies lifted alongside stocks on Monday after President Donald Trump said that the U.S. campaign against Iran could be nearing its end.
Bitcoin rose back above $69,000 as trading volume jumped 34% over the last 24 hours. Ethereum reclaimed $2,000, supported by strong buying pressure, while XRP and Dogecoin also edged higher.
Shares of cryptocurrency-linked companies also reversed, as Strategy Inc.(NASDAQ:MSTR) and Coinbase Global Inc.(NASDAQ:COIN), closing up 4.06% and 1.31%, respectively.
Over $340 million was liquidated from the cryptocurrency market over the past 24 hours, with $184 million in bearish shorts erased, according to Coinglass data. Open interest in Bitcoin futures rose 3.11% in the last 24 hours to $44.91 billion
The market clung to “Extreme Fear” sentiment, according to the Crypto Fear & Greed Index here, despite the uptick.
Top Gainers (24 Hours)
Cryptocurrency (Market Cap>$100 M)
Gains +/-
Price (Recorded at 9:20 p.m. ET)
pippin (PIPPIN)
+14.38%
$0.3833
DeXe (DEXE)
+14.34%
$4.68
Fabric Protocol (ROBO)
+12.12%
$0.04619
The global cryptocurrency market capitalization stood at $2.32 trillion, falling 1.01% over the last 24 hours.
Stocks Rally, Oil Tumbles
Stocks closed in the green on Monday. The Dow Jones Industrial Average added 239.25 points, or 0.5%, to end at 47,740.80. The S&P 500 rallied 0.83% to close at 6,795.99, while the tech-heavy Nasdaq Composite closed up 1.38% at 22,695.95.
West Texas Intermediate crude futures tumbled from $119 per barrel to $86 per barrel, erasing overnight gains, after Trump said that the war against Iran is "pretty much" completed and could end sooner-than-expected.
Despite the tensions, spot gold traded 2.54% down at $5,045 per ounce, while spot silver dipped 4.76% to $80.38 an ounce.
Is Bitcoin Correlated With Oil?
Widely followed cryptocurrency analyst and trader Michaël van de Poppe noted Bitcoin's rebound above $69,000, predicting a move toward range highs around $74,000 if oil prices keep declining.
#Bitcoin continues to show strength and it's already back up to $69K.
If Oil continues to fall and indices break back upwards, I would assume that we'll start to see a continuation towards the range high again. pic.twitter.com/IDefI82wBG
— Michaël van de Poppe (@CryptoMichNL) March 9, 2026
On-chain analytics firm Santiment highlighted a short bias for Bitcoin, citing the negative funding rates on exchanges.
"Historically, extreme shorting increases the likelihood of cryptocurrencies bouncing due to potential short liquidations providing a boost whenever prices break through resistance levels," Santiment added.
📊 Across exchanges, funding rates are now significantly favoring a short bias. Traders are showing clear concern over fear of an escalating war, as well as expressing frustration toward the lack of progress on the Clarity Act.
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