5 Crypto facts plummet as oil hits $1.69 million: Derivatives were the trigger!

Jakarta, Pintu News – Crypto and cryptocurrency markets have come under significant pressure after oil prices surged above $100 (≈Rp1,695,800) again, triggering a major sell-off and liquidation in global derivatives markets.

1. Bitcoin Drops Below $70,000

Bitcoin (BTC) has dropped again to the range of $69,400 or around Rp1,177,000,000. This drop comes after losing about 2.6% in a short period of time.

This pressure shows that BTC is still heavily influenced by global macro factors. When risk-off sentiment increases, investors tend to reduce exposure to crypto assets.

Also Read: THR 2026 Allocation: Buy 22 Karat Gold Jewelry or Start Bitcoin (BTC) Installments?

2. Ethereum and Altcoins Under More Pressure

Ethereum (ETH) fell further by about 4.1% to near $2,000 or Rp33,916,000. Other altcoins also experienced significant pressure due to thinning liquidity.

Some sectors like AI and DeFi recorded even bigger declines. This shows that altcoins have a higher sensitivity than Bitcoin (BTC).

3. Oil Spike Triggers Risk-Off Market

Oil prices rising back above $100 was the main trigger for negative market sentiment. This spike raised inflation concerns and the potential for tighter monetary policy.

Moreover, the simultaneous weakening of stocks and gold reinforced the risk-off signal. Global investors tend to withdraw funds from risky assets such as cryptocurrencies.

4. Derivatives Market Experiences a Big Unwind

One of the main factors for the decline was the unwind in the crypto derivatives market. Open interest fell by about 3.5% to $108 billion or the equivalent of Rp1,831 trillion.

In addition, the funding rate turned negative which signaled the dominance of short positions. Many traders started speculating that the price could still potentially go down in the short term.

5. Thin Liquidity Magnifies Downside Risk

Weak liquidity conditions since late 2025 have exacerbated market pressures. In such a situation, price movements become more extreme due to the lack of transaction volume.

As a result, small dips can develop into large corrections. This is an important factor for investors to consider, especially in the volatile crypto market.

Also Read: Gold Price Today vs Crypto Market: Which One Performs Better Amidst Global Geopolitical Conflicts?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Oliver Knight & Omkar Godbole/CoinDesk. Crypto slides as oil spikes, macro jitters trigger derivatives unwind. Accessed March 27, 2026.