Bitcoin Price Crashes Near $66K, ETH Dips Below $2K: Crypto Market Reacts to Oil Price Surge & Global Selloff

Crypto price today: The global cryptocurrency market saw mixed movement on Monday as Bitcoin and major altcoins like Ethereum, XRP and Dogecoin traded lower As the oil prices surged by 25%, reaching $115 for the first time since November 2022, US stock market futures erased over $2 trillion.

As per CoinDCX Research, "The BTC price recovered above $66,600, while ETH and the other altcoins within the top 10 remain consolidated around their gains. Solana demonstrates strength along with BNB, but Dogecoin, XRP, and Cardano struggle to rise above their respective resistance levels. The top gainers for the day are DeXe with over an 18.86% rise, Chiliz with 11.09% and Bittensor by close to 10%. Besides, Humanity Protocol drops by over 9.37%, followed by pippin by 7.07% and XDC Network, Mantle, Quant, Worldcoin & Cosmos by over 2% each."

"Bitcoin's dip shows how closely digital assets are now intertwined with global macro developments. The sharp surge in crude oil prices amid escalating tensions in the Middle East has triggered a broader pullback across equities and crypto. When energy prices rise rapidly, investors often rebalance portfolios toward more defensive positions, which can temporarily weigh on assets like Bitcoin." said Avinash Shekhar, Co-Founder & CEO, Pi42

Bitcoin price today

The Bitcoin price today stood at $67,605.61, with a total market capitalisation of around $1.36 trillion. Despite remaining the dominant cryptocurrency, Bitcoin slipped 0.43% in the last 24 hours, extending its weekly decline to around 1.78%, while the monthly performance shows a drop of about 2.40%.

"The recent drop comes as global markets turn risk-off amid geopolitical tensions and rising oil prices, which have pushed investors away from risk assets like crypto and stocks. For traders, $65K is a key support level for Bitcoin, while a move back above $70K would signal stronger bullish momentum returning to the market." as per CoinSwitch Market Desk.

Ethereum price today

The Ethereum price today was trading around $1,994.84, keeping the second-largest cryptocurrency below the $2,000 psychological level. Ethereum's market cap stood at roughly $242.38 billion while it recorded a 1.06% gain over the past 24 hours, but remains down 1.61% over the last week and 4.42% over the past month.

BNB, Solana see mild declines

Among major altcoins, BNB price today was trading at $627.13 with a 0.65% gain in the past 24 hours, though it remains down 1.67% over the week and 3.04% over the month.

Meanwhile, Solana (SOL) was priced at $83.72. The token was up 0.08% in the last 24 hours, bXRP price today was trading around $1.35, with a market cap of $82.55 billion. The cryptocurrency saw a 1.57% decline in the last 24 hours, while losses extended to 3.27% weekly and 5.42% monthly.

Meanwhile, Dogecoin price today stood at $0.09004, with a market capitalisation of $13.84 billion. The meme-based cryptocurrency recorded a 0.52% drop in the past 24 hours, with deeper losses of 3.76% weekly and 8.31% monthly.
In contrast to the broader market trend, TRON (TRX) showed positive momentum. The token traded at $0.2852 and registered a 0.66% weekly gain and a 2.55% monthly rise, although it slipped 0.63% in the last 24 hours.

Crypto market outlook

The cryptocurrency market today remains volatile as investors react to global economic developments and regulatory updates.

"Bitcoin is trading near $66,000 after profit-taking by short-term holders intensified selling pressure near the $74,000 level. Over 27,000 BTC in realized profits moved to exchanges by STHs while bulls struggled to absorb the selling pressure. The outflows from Bitcoin ETFs in the last 2 days further contributed to the weakness. However, the weekly ETF flows are still positive at $568 million, marking a second straight week of net inflows since early October. Currently, bulls need to defend the support near $63,500 to avoid further downward pressure. Any positive catalyst at these levels could help BTC reclaim the $70,000 mark. ." said Akshat Siddhant, Lead quant analyst, Mudrex.