Bitcoin surged above $68,000 on March 2, 2026, as cryptocurrency markets rebounded amid a muted global reaction to escalating tensions in the Middle East. The rally followed strong U.S. manufacturing data, with the ISM PMI rising to 52.4 in February, signaling economic expansion. Ether and other major coins also gained, adding over $100 billion to the total market capitalization in under an hour.
On March 2, 2026, Bitcoin climbed to $68,600 in early U.S. trading, up 2.3% over the past 24 hours, according to CoinDesk reports. This rebound occurred despite U.S. and Israeli strikes on Iran over the weekend, which killed the country's Supreme Leader Ayatollah Khamenei and triggered around $300 million in cryptocurrency long liquidations. Equity markets showed resilience, with the Nasdaq down just 0.1% after initial futures indicated a 2% drop, while the S&P 500 and Dow Jones posted modest losses.
Economic indicators bolstered risk appetite. The ISM manufacturing PMI for February came in at 52.4, above expectations of 51.8 and marking continued sector expansion. S&P Global reported the PMI rising to 51 from 50.4 in January. The Chicago Business Barometer increased to 57.7, exceeding forecasts of 52.8. These figures reduced recession fears and suggested a March Federal Reserve rate cut was unlikely ahead of the March 18 meeting.
The crypto surge accelerated with a 5% jump in Bitcoin to near $69,500 in 50 minutes, alongside Ether breaking $2,000 with a 6% gain and XRP reaching $1.41. This added roughly $100 billion to the market cap, pushing it toward $2.37 trillion. A short squeeze liquidated $80 million in positions, amplifying the move. Gold fell 2%, and silver dropped 7%, indicating capital rotation from safe-havens.
Institutional activity supported the rally. MicroStrategy purchased over 3,000 Bitcoin for $200 million, while BitMine accumulated more than 50,000 Ether. Short-term holders showed no panic, with muted exchange inflows despite geopolitical risks. Altcoins like Morpho rose 5%, and DeFi tokens such as Jupiter, Aave, and Lido gained amid selective outperformance.
Oil prices rose to $82 per barrel, up 13%, but less than anticipated, with Brent at $78 and West Texas Intermediate at $73. Ceasefire odds between the U.S., Iran, and Israel improved to 46% by March 31. The Fear and Greed Index remained at 15, indicating extreme fear before the rebound.
