Bitcoin reverses overnight losses, rising to above $70,000 as oil renews decline

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin reverses overnight losses, rising to above $70,000 as oil renews decline Wednesday morning's U.S. inflation data was in line with forecasts, and markets continue to price out any chance of a Fed rate cut at either the March or April meetings. By Helene Braun | Edited by Stephen Alpher Mar 11, 2026, 2:21 p.m. Make us preferred on Google Bitcoin gains in early U.S. trade (Yashowardhan Singh/Unsplash) What to know : Trading lower through most of the U.S. morning, bitcoin jumped back above $70,000, appearing to make its move as oil quickly fell $3 per barrel. Amid the ongoing war against Iran, movements in the price of crude have seemingly guided markets this week. In line February U.S. inflation data reinforced market expectations for no Fed rate cuts at either the upcoming March or April policy meetings. After retreating back to the $69,000 area during early U.S. morning hours Wednesday, bitcoin BTC $ 69,593.87 has quickly spiked to nearly $71,000. Other crypto assets, including ether (ETH), solana (SOL) and XRP, saw the same sharp moves higher. The gains appeared to come as crude oil quickly reversed most of its session's large gains, dropping $3 per barrel in a matter of minutes. At press time, WTI crude futures for April were at $85, up 2% for the day. Crude's drop also benefited stocks, with the Nasdaq moving from a small decline to a gain of 0.5% in early U.S. trade. Crypto-related shares were mixed, with Strategy (MSTR), Galaxy Digital (GLXY) and Bullish (BLSH) posting modest advances, while Coinbase (COIN) and eToro (ETOR) were slightly lower. With the ongoing war against Iran, risk markets this week have been mostly ruled by oil's price action. Stocks and crypto plunged on Sunday evening as oil surged to $120, but then gained as oil quickly retreated. Fresh inflation data Wednesday's February CPI report was in line with economist forecasts , up 0.3% on a month-to-month basis, putting the 12-month inflation rate at 2.4%. Next month, however, could show a much different picture due to the outbreak of the U.S.-Iran war, posing the question of whether the Federal Reserve will respond to the temporary shock or take a more hawkish stance after being caught off guard during the last inflation cycle. Stephen Coltman, head of macro at 21shares says the Fed's choice will be critical, noting that investors will be watching next week's Fed meeting closely for signs on how officials plan to react. As for bitcoin, the rise in next month's data is likely "already baked in the cake," he said. Bitcoin News 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 Strategy's STRC preferred series gets $50 million investment from fellow BTC treasury company Strive By James Van Straten | Edited by Stephen Alpher 14 minutes ago Strive also added to its bitcoin holdings and boosted the dividend on its own SATA preferred stock. What to know : Strive purchased an additional 179 bitcoin, increasing total holdings to 13,311 Bitcoin. The company also lifted the dividend on its SATA preferred stock to 12.75% and purchased $50 million of Strategy's STRC, which yields 11.5%. ASST was modestly higher on Wednesday alongside a small gain in the price of bitcoin. 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