Bitcoin's price has fallen below $68,000 as escalating US-Iran conflicts drive volatility in cryptocurrency markets. The drop follows a US-Israel attack on Iran and recent statements from leaders on both sides, compounded by weak US jobs data. Other major coins like Ethereum and XRP have also declined.
The cryptocurrency market experienced a sharp decline on March 7, 2026, with Bitcoin trading around $68,005 after a nearly 5% drop over the past day, according to CoinGecko data reported by DL News. This comes after the coin briefly reached $73,669 midweek, marking its highest level since early February. The global crypto market capitalization slipped to $2.33 trillion, down 3.4%, triggering over $302 million in liquidations, as noted in Coinpedia.
The volatility stems from heightened US-Iran tensions following a US-Israel attack on Iran on February 28. Iranian President Masoud Pezeshkian declared that Iran 'will not surrender' and urged enemies to 'take their wish for the unconditional surrender of the Iranian people to their graves,' signaling Tehran's firm stance. In response, US President Donald Trump posted on Truth Social that there would be no deal with Iran unless it agrees to an unconditional surrender, and he threatened to hit Iran 'very hard' as early as that day. A White House official also stated the US aims to cut off Iran's oil revenues to limit funding for groups like the Islamic Revolutionary Guard Corps.
Adding to the pressure, US nonfarm payrolls dropped by 92,000 jobs, according to the Bureau of Labor Statistics, raising concerns about a labor market slowdown. Short-term Bitcoin holders transferred 27,000 BTC worth $1.8 billion to exchanges, increasing selling pressure as traders locked in profits near $68,000.
Ethereum traded at $1,985, down about 4.75%, while XRP was at $1.37, slipping 2.67%. Solana fell 4.4% to $84.57. Exchange-traded funds saw $576.8 million in redemptions on Thursday and Friday, reversing earlier positive flows. Analysts note that such geopolitical risks typically lead investors to de-risk, though Bitcoin's correlation with equities has spiked amid the uncertainty.
