Bitcoin, Ethereum Slide as Fed Holds Rates and Energy Shock Lifts Oil

ChainThink said March 19, citing CoinDesk, that Bitcoin slipped back to around $70,000 and Ethereum fell to $2,160, keeping pressure on the broader crypto market. Macro headwinds intensified as two bearish drivers hit at once. The Federal Reserve on Wednesday left policy unchanged, keeping the federal funds rate target range at 3.50% to 3.75%. The pause in rate cuts supported the U.S. dollar and weighed on risk assets. Geopolitical risk also pushed energy prices sharply higher. After Israel struck Iran's South Pars gas field, Iran launched attacks on key energy infrastructure in the Gulf. Brent crude jumped to $114 and Oman crude surged to $150. European natural gas futures climbed about 25% on Thursday to above $78 per megawatthour. In crypto derivatives, exchanges liquidated nearly $600 million in leveraged futures positions over the past 24 hours, led by longs, suggesting the overnight drop caught many bullish traders off guard. Aggregate futures open interest fell 5.6% to $106.9 billion, with Ethereum futures open interest down 9%. Funding rates for major tokens including BTC, ETH, BNB, and SOL turned negative, pointing to renewed demand for short positions. Bitcoin's 30-day implied volatility index (BVIV) rose more than 5% to 58.36%, snapping a weeklong decline. On Deribit, put-call skew strengthened for both Bitcoin and Ethereum, underscoring rising concern about further downside.