Bitcoin's price fell sharply, dropping below $66,000 and reaching as low as $65,575 on Monday, March 2, 2026. The decline was triggered by reports of an attack on a major Middle East oil facility, which sparked fear in global markets and prompted a broad risk-off move among investors.
The sell-off continued into Tuesday, March 3, with Bitcoin slipping below $67,000, marking a 3% loss over 24 hours. This followed a brief touch of the $70,000 level on Monday. The cryptocurrency's drop mirrored a broader market retreat, with S&P 500 futures down 1.4% and the Invesco QQQ ETF down about 2% in pre-market trading.
Heightened volatility in traditional markets was a key driver. WTI crude oil surged above $74 per barrel, up 5% in 24 hours, while the US dollar strengthened sharply, with the DXY index climbing above 99. Treasury yields also edged higher, with the US 10-year yield pushing toward 4.1%, reflecting persistent interest rate pressure.
Market sentiment within crypto turned deeply negative. Approximately 46% of circulating Bitcoin was held at a loss, and the Crypto Fear & Greed Index hit an extreme reading of 10, indicating "extreme fear." Traders were closely watching key technical support levels between $58,000 and $64,000.
The sell-off also dragged down crypto-related equities. MicroStrategy (MSTR), the largest publicly traded holder of Bitcoin, fell 2%. Coinbase (COIN) dropped 5%, while Galaxy Digital and miners like IREN and Cipher Digital (CIFR) were down roughly 3-4%.
