Bitcoin Drops Below $66,000 as Oil Prices Surge Nearly 20%

Crypto markets opened the week under pressure as geopolitical tensions and surging energy prices weighed on risk assets.

Over the weekend, there were few indications of any de-escalation in the ongoing conflict between the United States and Iran. As a result, oil prices spiked sharply during Sunday evening trading in the U.S. April West Texas Intermediate (WTI) crude futures jumped 19.1%, climbing to $108.35 per barrel. The move puts crude at roughly double its price from the start of 2026 and marks its highest level in around four years.

The sharp rally in oil quickly rippled through broader financial markets. U.S. stock index futures dropped nearly 2% across the board, signaling a risk-off tone ahead of the week’s trading. In Asia, futures tied to Japan’s Nikkei 225 were down 3.1% shortly before the market opened on Monday.

Cryptocurrencies also moved lower. Bitcoin slipped about 2%, trading just below the $66,000 level. Meanwhile, Ether and Solana posted more modest declines of roughly 1.4%.

Elsewhere in commodities, precious metals and copper were also slightly weaker, suggesting the broader market reaction is being driven primarily by the sharp move in energy prices.