Crypto Market Down Today: Bitcoin Price Falls to $68K as $302M Liquidations Hit BTC, ETH, XRP

The post Crypto Market Down Today: Bitcoin Price Falls to $68K as $302M Liquidations Hit BTC, ETH, XRP appeared first on Coinpedia Fintech News

The crypto market is under pressure again after a brief recovery attempt earlier this week. Bitcoin had surged toward $73,000, sparking optimism that the broader market could regain bullish momentum heading into March. That optimism did not last long. As of March 7, the crypto market has turned lower again. Bitcoin has dropped toward $68,000, Ethereum price is trading near $1,976, and XRP has slipped toward $1.36.

The latest decline comes as traders react to a combination of macroeconomic shocks, including surging oil prices, a surprisingly weak U.S. jobs report, and a wave of leveraged liquidations across crypto derivatives markets. Together, these forces have pushed investors into a risk-off environment, explaining why the crypto market is down today.

One of the major triggers behind the market decline is rising geopolitical tension in the Middle East. Concerns about disruptions in the Strait of Hormuz, a critical shipping route responsible for roughly 20% of global oil supply, have pushed energy markets sharply higher. As a result, Brent crude oil surged above $91 per barrel, marking a sharp weekly increase.

JUST IN: Brent crude oil price surges to $91, up 25% in the past 7 days. pic.twitter.com/2uXw8TyPK5

Higher oil prices typically increase inflation pressure and reduce expectations of near-term interest rate cuts from central banks. When interest rates remain elevated, risk assets such as cryptocurrencies often face renewed selling pressure.

Another catalyst weighing on the crypto market is the latest U.S. labor market report. The February Nonfarm Payrolls report showed the U.S. economy lost roughly 92,000 jobs, a sharp miss compared with expectations for job growth. Meanwhile, the unemployment rate climbed to around 4.4%, signaling signs of a cooling labor market.

FEBRUARY U.S. JOBS REPORT

NONFARM PAYROLLS -92K, (Est. +55K) UNEMPLOYMENT RATE 4.4%, (Est. 4.3%)

The probability of a rate cut is rising pic.twitter.com/R23L5M4ZhC