TLDR
- Bitcoin is trading around $69,639, up 1.2%, holding steady despite Middle East tensions
- Oil prices crossed $100 a barrel after US forces sank 16 Iranian vessels near the Strait of Hormuz
- US stock futures fell Thursday, with Dow, S&P 500, and Nasdaq contracts all dropping around 0.9–1%
- February CPI came in at 2.4% year-over-year, matching forecasts, but markets are focused on oil-driven inflation ahead
- US lawmakers are working to revive the stalled crypto CLARITY Act, with debate over stablecoin yield rules
Bitcoin traded near $69,639 on Wednesday, up 1.2% on the day. The move came as global markets tried to make sense of rising tensions in the Middle East and a US inflation report that met expectations.
The crypto market’s total capitalization stayed near $2.38 trillion, consistent with levels seen at the end of 2024.
Nexo Dispatch analyst Dessislava Ianeva said funding rates are “neutral to slightly positive” across major assets, suggesting leverage in the market is contained. Bitcoin perpetual open interest sits around $28 billion, below its October 2025 peak.
Ethereum rose 1.2% to $2,067. XRP added 0.1% to $1.39. Solana gained 1.2% and Cardano was up 0.4%.
Oil Tops $100 as Iran Conflict Escalates
US forces reportedly sank 16 Iranian vessels suspected of laying mines near the Strait of Hormuz. Two oil tankers were also attacked in the Iraq Ports loading area, leading to the closure of Iraqi ports.
BREAKING: US officials say Iran has laid mines in the Strait of Hormuz, per WSJ.
Just yesterday, the US said there was no indication that Iran was laying mines in the Strait of Hormuz.
The mines are being described as the "most destructive weapons" that the US Navy has faced.
— The Kobeissi Letter (@KobeissiLetter) March 12, 2026
Both West Texas Intermediate crude and Brent crude crossed $100 a barrel overnight Thursday, after both settled more than 4% higher on Wednesday. Oil had briefly approached $120 a barrel earlier in the week.
The International Energy Agency announced member countries would release a record roughly 400 million barrels of oil, but prices continued to rise.
President Trump said Wednesday the US is seeking to “finish the job” in the near future.
Stock Futures Fall as Investors Stay Cautious
US stock futures declined early Thursday. Dow futures dropped 1%. S&P 500 and Nasdaq 100 contracts each fell around 0.9%.
It was the second straight mostly down day on Wall Street.
February CPI rose 0.3% month-over-month and 2.4% year-over-year, in line with forecasts. Core inflation, which strips out food and energy, came in at 2.5% annually.
Wells Fargo economist Sarah House noted the February report may already feel dated, with oil prices up roughly 25% since the end of last month.
Markets are pricing in no rate change at the Fed’s March 18 meeting. The next expected cut is September, with about a 43% chance of an additional cut before year-end.
Adobe and Dollar General are set to report earnings after Thursday’s market close.
In Washington, senators are exploring a compromise on the crypto CLARITY Act, specifically around rules for yield on stablecoins. The bill aims to provide clearer regulatory oversight for digital assets.
