Crypto slides as oil spike, macro jitters trigger derivatives unwind

Bitcoin dropped below $70,000 and ether fell toward $2,000 as rising oil prices, falling equities and weak liquidity sparked risk-off flows and pressured altcoins. What to know : Oil climbed back above $100 and weaker equities and gold signaled risk aversion, weighing on major cryptocurrencies and altcoins alike. Futures open interest fell 3.5% to $108 billion, funding rates turned negative, and traders increased short positioning as BTC broke below $70,000. AI and DeFi tokens led losses amid thin liquidity, raising the risk of amplified downside despite a still-neutral altcoin index.