After Israeli Prime Minister Netanyahu delivered a speech to the media, oil prices retreated and U.S. stocks recovered some of their losses. The crypto market weakened again, with Bitcoin ETF funds ending seven consecutive days of inflows. Bitcoin briefly fell below $69,000 yesterday, and the Fear & Greed Index dropped back to the fear zone at 31.
Israeli Prime Minister’s Speech Leads to Oil Price Drop
Following Prime Minister Netanyahu’s speech, oil prices declined after reaching a settlement agreement. Netanyahu stated that Israel is “helping the U.S. open the Strait of Hormuz through intelligence and other means.” He also said Israel will no longer target energy infrastructure, Iran has lost its ability to enrich uranium and produce ballistic missiles, and the war may end sooner than expected.
Three weeks of conflict have disrupted the energy supply chain. The Strait of Hormuz is nearly completely closed, causing gasoline and jet fuel prices to soar. India has experienced fistfights over liquefied petroleum gas shortages, and farmers are worried about diesel and fertilizer supplies.
U.S. Secretary of the Treasury Janet Yellen indicated that the U.S. is seeking to lift longstanding sanctions on Iranian oil to reduce the surge in energy prices caused by the war. A Trump administration official said Thursday that the White House does not plan to ban oil and natural gas exports.
Bitcoin ETF Funds Flow Out Again, Bitcoin Falls Below $69K
The crypto market weakened again, with total market capitalization dropping 1.37% to $2.41 trillion. Bitcoin briefly fell below $69,000 yesterday, and the Fear & Greed Index dropped back into the fear zone at 31.
Bitcoin ETF funds experienced a net outflow of $160 million on March 18, ending seven days of inflows, indicating institutional investors taking profits after a strong rally.
Despite guidance issued on March 18 by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) classifying mainstream tokens as commodities, the market digested this news cautiously. Altcoins performed poorly, with the altcoin season index dropping 11% in 24 hours.
(SEC announces that four major digital assets are exempt from securities law jurisdiction! Ending a decade of ambiguous crypto regulation)
This article about signs of de-escalation in Israel, oil prices retreating, and Bitcoin rebounding after falling below $69K was first published by Chain News ABMedia.
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