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Bitcoin Volatility Returns as Oil Prices Go Wild, Ethereum Fights for $2K: Market Watch

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BTCUSD Mar 9. Source: TradingView


ТАО is today’s top gainer, while Pi Network’s PI token continues its crazy ride.

Bitcoin’s price faced some enhanced volatility in the past 24 hours again, dropping toward $65,500 before it jumped to $68,500, only to be rejected after the latest developments on the Middle East war front and the fluctuating oil prices.

Ethereum is challenging its nemesis at $2,000 once more, while HASH and STABLE have plunged hard from the mid-cap alts.

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BTC’s Ride

After dumping from $67,000 to $63,000 on February 28 when the strikes in the Middle East began, bitcoin’s price rebounded hard and skyrocketed to $74,000 on Wednesday. This meant that the asset had added $11,000 in days, which, given the current uncertain landscape, was almost expected to be followed by a sharp decline.

The bears indeed took control of the market in the following days and pushed BTC south to $68,000 on Friday and Saturday. Although it was a significantly less volatile weekend compared to the previous one, BTC still felt some fluctuations on Sunday evening when most legacy futures markets opened.

As Israel struck a few Iranian oil bases, the price of the so-called liquid gold skyrocketed this morning to a fresh multi-year peak of $120 per barrel. Reports emerged that the G7 countries plan to release 400 million barrels, which drove USOIL south to under $96,000 before it rebounded to $102 as of press time.

Bitcoin dipped to $65,500, jumped to $68,500, and returned to $67,500 all within hours. Its market cap is back to $1.350 trillion, while its dominance over the alts stands at 56.5% on CG.

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BTCUSD Mar 9. Source: TradingView
BTCUSD Mar 9. Source: TradingView

ETH Battles $2K

The largest altcoin jumped to $2,200 last Wednesday, but it was rejected hard and dumped to just over $1,900 days later. It rebounded and now fights for $2,000 once again, but its attempt is still looking weak.

BNB, SOL, HYPE, XMR, and LINK have charted insignificant gains daily, while XRP, TRX, DOGE, ADA, and BCH are in the red. CC has dropped the most from the larger cap alts, while TAO has soared by almost 10% to $195.

Pi Network’s PI token continues to be quite volatile, jumping 5% daily to over $0.21 after its crash to $0.20 yesterday.

The total crypto market cap has remained relatively the same, at just under $2.4 trillion on CG.

Cryptocurrency Market Overview Mar 9. Source: QuantifyCrypto
Cryptocurrency Market Overview Mar 9. Source: QuantifyCrypto
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Crypto World

Telegram Has Been Downloaded Over 50M Times in Iran, Despite Ban: Durov

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Decentralization, Privacy, Liberty, Telegram, Cypherpunks, Pavel Durov

The Iranian government’s attempt to block the Telegram messaging application in the country has backfired, as users find ways to circumvent national firewalls and online controls, according to Telegram co-founder Pavel Durov.

“Iran banned Telegram years ago,” Durov said on Friday; however, tens of millions of users in the country have managed to access the application via virtual private networks (VPNs) and other similar tools, he added.

VPNs route web traffic through servers distributed around the globe to mask the true Internet Protocol (IP) addresses of users and obscure their locations. This allows individuals with VPN access to bypass national online restrictions. Durov said:

“The government hoped for mass adoption of its surveillance messaging apps, but got mass adoption of VPNs instead. Now, 50 million members of the digital resistance in Iran are joined by over 50 million more in Russia.”

Decentralization, Privacy, Liberty, Telegram, Cypherpunks, Pavel Durov
Source: Pavel Durov

Decentralized technologies like blockchain, crypto and encrypted messaging applications can mitigate or neutralize state-imposed online restrictions and surveillance infrastructure, promoting individual liberty, proponents of decentralized technology say.

Related: Global turmoil pushes uptake of decentralized messengers, social media

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Users turn to decentralized alternatives amid online blackouts

The government of Iran imposed a nationwide internet blackout in January 2026, amid growing protests and civil unrest, which is still in effect due to the ongoing war between Israel, the United States and Iran.

Residents in the country can still access the internet through Starlink, a satellite-based network, or communicate via BitChat, a messaging application that uses Bluetooth radio waves to form a mesh network between devices.

BitChat’s mesh network transforms each device into a relay node that transfers data to other devices running the application within range, bypassing online and satellite-based systems entirely.

Decentralization, Privacy, Liberty, Telegram, Cypherpunks, Pavel Durov
The components of the BitChat messaging application tech stack. Source: GitHub

The government of Nepal imposed a social media ban in September 2025 amid growing protests, causing a spike in BitChat downloads.

Bitchat was downloaded over 48,000 times in Nepal the week of the social media ban, and the government of Nepal was toppled by protestors that same month.

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The application recorded a similar download spike in Madagascar amid protests, which also occurred around the same time as the political revolution in Nepal.

Magazine: Did Telegram’s Pavel Durov commit a crime? Crypto lawyers weigh in