Bitcoin Price Drops Below $70,000 Amid Oil Price Surge

Bitcoin's price plummeted below $70,000 on Thursday morning, a significant drop due to the surge in oil prices. Brent crude oil prices rose over 5% to around $115 after attacks on energy facilities in the Persian Gulf led to a jump in global oil prices.

The attacks, which targeted energy facilities in Qatar, Abu Dhabi, Kuwait, and Saudi Arabia, sparked concerns about supply disruptions and sent shockwaves through the markets. As a result, Bitcoin's price fell 5.4% in the last 24 hours, with its intraday low reaching around $69,500, according to CoinGecko data.

The overall cryptocurrency market also suffered losses, falling 4.4% in the last 24 hours and attempting to hold above $2.5 trillion. Nearly $588 million was liquidated, with long trades accounting for nearly $492 million of that total.