Bitcoin resumes its downward trend as oil prices surge, triggering a wave of safe-haven demand.

BlockBeats News, March 9, according to market data from a certain exchange, the price of bitcoin briefly fell below $66,000 this morning, nearly erasing last week's rebound and returning to a downward trend, with a decline of about 1.35% over the past 24 hours. In the past 24 hours, the total liquidation across the network reached $329 million, with long positions liquidated for $228 million and short positions for $101 million.

Due to the Iran conflict leading more major oil-producing countries to cut production, both WTI and Brent crude oil prices broke through $100 per barrel on Monday. Dow futures initially expanded their decline to 2%, Nasdaq futures are currently down 1.65%, and S&P 500 index futures are down 1.7%.

Michael O'Rourke, Chief Market Strategist at JonesTrading, stated: "The worst reaction from the stock market has yet to come. Until we see substantial positive news, I expect risk-off sentiment to continue spreading." At the same time, hedge funds have reduced their net risk exposure to the lowest level since 2022.