Bitcoin drops toward $70,000 ahead of U.S. jobs data; oil price rises on Iran war Investors are turning more defensive as geopolitical tensions rise and key U.S. labor market data approaches. Mar 6, 2026, 10:29 a.m.
Bitcoin is on the cusp of falling below $70,000 for the first time since Wednesday, after climbing as high as $74,000 earlier this week.
The decline reflects a broader risk-off shift in markets as investors position ahead of key U.S. macroeconomic data and the developing war in Iran.
For now, attention is focused on the U.S. jobs report due at 13:30 UTC. The unemployment rate is expected to remain unchanged at 4.3% while nonfarm payrolls are forecast to drop to 59,000.
Labor market data is closely watched because it can influence expectations around Federal Reserve interest-rate policy, often leading investors to reduce risk exposure ahead of the release.
The war with Iran, nearing the end of its first week, is also contributing to market caution, pushing oil prices higher. WTI crude has climbed to around $83 per barrel, up more than 5% over the past 24 hours.
Meanwhile, the U.S. Dollar Index (DXY) has strengthened above 99 and the yield on the 10-year Treasury has risen to roughly 4.16%. Equity markets are slightly weaker, with the Invesco QQQ ETF, which tracks the Nasdaq 100 index, down about 0.5% in pre-market trading.
Crypto related stocks including Strategy (MSTR), Coinbase (COIN), and MARA Holdings (MARA) are also lower in pre-market trading.
More For You
CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events.
What to know:
Disrupting a Stagnant Market: Pudgy Penguins is utilizing a “Negative CAC” model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. View Full Report
More For You
Bitcoin extends decline from $74,000, derivatives data point to cautious positioning
BTC traded just above $70,000 as Middle East tensions drove oil higher and traders reassessed inflation in advance of the U.S. jobs report due later Friday.
What to know:
Bitcoin is hovering just above $70,000 after failing to sustain a move to $74,000 earlier this week amid a broader selloff in risk assets. The escalating war with Iran pushed oil to $85, raising inflation concerns and prompting traders to price in the possibility of a European Central Bank interest-rate increase. Derivatives markets show rising open interest but weak institutional conviction, with short hedging increasing and options pricing a near-term volatility event. Read full story
https://www.coindesk.com/markets/2026/03/06/bitcoin-drops-toward-usd70-000-ahead-of-u-s-jobs-data-oil-price-rises-on-iran-war
