ChainThink report, March 9: According to market data, Bitcoin price briefly dipped below $66,000 this morning, erasing nearly all of last week’s rebound and resuming its downward trend, with a decline of approximately 1.35% over the past 24 hours. Total liquidations across the entire network reached $329 million in the past 24 hours, including $228 million in long positions and $101 million in short positions.

Due to heightened tensions in Iran leading to output cuts by major oil producers, both WTI and Brent crude prices surged above $100 per barrel on Monday. Dow futures initially plunged by more than 2%, Nasdaq futures dropped 1.65%, and S&P 500 futures declined 1.7%.

Michael O’Rourke, Chief Market Strategist at JonesTrading, stated: "The worst reaction in equities has yet to come. Until tangible positive catalysts emerge, I anticipate risk-off sentiment will continue to spread." Meanwhile, hedge funds have reduced their net risk exposure to the lowest level since 2022.