Bitcoin drops toward $70,000 ahead of U.S. jobs data; oil price rises on Iran war

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin drops toward $70,000 ahead of U.S. jobs data; oil price rises on Iran war Investors are turning more defensive as geopolitical tensions rise and key U.S. labor market data approaches. By James Van Straten | Edited by Sheldon Reback Mar 6, 2026, 10:29 a.m. Make us preferred on Google The oil price is rising as war in the Middle East nears the end of its first week. (Shutterstock modified by CoinDesk) What to know : Bitcoin dropped toward $70,000 before the monthly U.S. jobs report, where unemployment is expected at 4.3% and nonfarm payrolls at 59,000. Broader markets are showing risk-off signals, with WTI crude rising above $83 per barrel, the Dollar Index strengthening above 99 and the Nasdaq-100-tracking Invesco QQQ ETF down about 0.5% in pre-market trading. Strategy (MSTR), Coinbase (COIN) and MARA Holdings (MARA) are all priced lower in pre-market trading. Bitcoin is on the cusp of falling below $70,000 for the first time since Wednesday, after climbing as high as $74,000 earlier this week. The decline reflects a broader risk-off shift in markets as investors position ahead of key U.S. macroeconomic data and the developing war in Iran. For now, attention is focused on the U.S. jobs report due at 13:30 UTC. The unemployment rate is expected to remain unchanged at 4.3% while nonfarm payrolls are forecast to drop to 59,000. Labor market data is closely watched because it can influence expectations around Federal Reserve interest-rate policy, often leading investors to reduce risk exposure ahead of the release. The war with Iran, nearing the end of its first week, is also contributing to market caution, pushing oil prices higher. WTI crude has climbed to around $83 per barrel, up more than 5% over the past 24 hours. Meanwhile, the U.S. Dollar Index (DXY) has strengthened above 99 and the yield on the 10-year Treasury has risen to roughly 4.16%. Equity markets are slightly weaker, with the Invesco QQQ ETF, which tracks the Nasdaq 100 index, down about 0.5% in pre-market trading. Crypto related stocks including Strategy (MSTR), Coinbase (COIN), and MARA Holdings (MARA) are also lower in pre-market trading. Bitcoin News Oil Middle East More For You Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race By CoinDesk Research Feb 27, 2026 Commissioned by Pudgy Penguins CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. What to know : Disrupting a Stagnant Market : Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. View Full Report More For You Vancouver mayor's bitcoin investment proposal blocked by city, provincial law By Sam Reynolds | Edited by Sheldon Reback 1 hour ago Officials say the Vancouver Charter limits city reserves to government debt, bank instruments and other traditional assets. What to know : Vancouver Mayor Ken Sim’s proposal to invest city reserves in bitcoin is not allowed under the city's charter and British Columbia’s Municipal Finance Authority Act, according to a staff report. Staff concluded that bitcoin is not an eligible investment asset for the city, which is restricted to conservative instruments such as government and municipal securities, bank deposits and highly rated commercial paper. The report leaves open the possibility that Vancouver could accept bitcoin for taxes or fees if payments are immediately converted into Canadian dollars. Read full story Latest Crypto News Dubai crypto regulator says KuCoin exchange is operating without proper license and must stop 57 minutes ago Vancouver mayor's bitcoin investment proposal blocked by city, provincial law 1 hour ago Bitcoin and stocks stabilize after early week slide. The bond market isn’t convinced. 4 hours ago Almost nobody is talking about altseason anymore. That may be bullish 5 hours ago XRP drops 3% after failing to break $1.45 resistance 5 hours ago Bitcoin drops under $71,000, ETH, DOGE slide as war-week rally runs into resistance 5 hours ago Top Stories SEC, Justin Sun reach settlement over Tron lawsuit 12 hours ago Ripple adds Coinbase crypto futures to its $3 trillion clearing platform 14 hours ago U.S. judge freezes BlockFills assets in dispute over 70 bitcoin with creditor Dominion Capital 15 hours ago Kraken's surprise Fed win may harken onslaught of crypto firms with narrow Fed access 14 hours ago U.S. banking agencies say capital should be same for standard or tokenized securities 12 hours ago Bitcoin pulls back to near $71,000 even as software sector soars 18 hours ago