Bitcoin falls below $70K as markets tumble after oil price spike

Market Overview - Markets are experiencing a downturn, influenced by rising WTI oil prices nearing $97 per barrel due to attacks on energy infrastructure in the Middle East [1] - The Federal Reserve has opted to maintain interest rates steady between 3.5% and 3.75% amid oil price volatility [2] Oil and Energy Sector - Iran's missile strikes on a facility in Qatar, which hosts the world's largest LNG export plant, have escalated tensions following an Israeli attack on Iran's South Pars gas field [1] - The U.S. government has issued a temporary waiver of the Jones Act, allowing foreign vessels to transport oil and gas between U.S. ports for 60 days to mitigate domestic shipping costs [2] Cryptocurrency Market - Bitcoin has seen a significant drop of 4.2%, trading near $69,600 after previously reaching close to $76,000 [3] - Ethereum has decreased by 4.5%, trading at $2,158.81, while XRP and Solana have also experienced declines of 2.1% and 2.4%, respectively [4] Crypto Stocks Performance - Major crypto stocks are underperforming, with Coinbase down 2.71%, and other companies like Robinhood and Riot Platforms also showing declines [5] - Gemini is an exception, trading over 1% higher in pre-market hours, as it prepares to announce its fourth-quarter and full-year 2025 financial results [6] - Citigroup has reduced price targets for several crypto stocks, including lowering Gemini's target from $13 to $5.5 and Riot's from $23 to $21 [6]