Bitcoin traded near $69,500 on Wednesday after failing to hold above $71,000, influenced by ongoing U.S.-Israel tensions with Iran. While most altcoins declined, AI-related tokens like ICP and FET saw gains driven by exchange listings and positive industry commentary. Geopolitical volatility continued to affect markets, with oil prices fluctuating sharply.
Bitcoin, the largest cryptocurrency, retreated to around $69,500 during European trading hours on Wednesday, March 11, 2026, after it could not sustain levels above $71,750. This pullback came amid cautious market sentiment tied to the escalating U.S.-Israel war with Iran, which persisted despite mixed statements from U.S. President Donald Trump on Tuesday. The cryptocurrency dropped 0.55% since midnight UTC, reaching $69,932.77 mid-morning in Europe.
Altcoins generally underperformed, with zcash (ZEC) falling 4.5% and aave (AAVE) declining 2.1% over the same period. Decentralized finance tokens such as curve (CRV) and jupiter (JUP) each lost about 6.5%. In contrast, AI-focused tokens bucked the trend. Internet computer (ICP) surged more than 8% following its listing on the Korean exchange Upbit, which boosted daily trading volume from $65 million to $267 million as retail investors entered the market.
Fetch.ai (FET) rose 6%, supported by bullish remarks from Nvidia CEO Jensen Huang. In a recent blog post, Huang described AI as "an industrial buildout comparable to electrification." This positive outlook contributed to the sector's strength amid broader caution.
Derivatives markets reflected the volatility, with over $220 million in crypto futures liquidations in the past 24 hours, predominantly long positions. Open interest in bitcoin futures on major exchanges fell to 226,000 BTC from 233,000 BTC, indicating reduced trader commitment. Bitcoin's 30-day implied volatility index continued to decline for a third day, though longer-term measures suggested potential for increased volatility ahead.
Oil prices remained erratic, dipping to $81 per barrel on Tuesday before recovering to $89 during Wednesday's European session. Crypto market sentiment showed slight improvement, with the Fear and Greed index rising to 25 out of 100, entering 'fear' territory after prolonged 'extreme fear.' Since the conflict's onset on March 1, bitcoin and the broader crypto market have outperformed precious metals and U.S. equities.
