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Crypto and stocks add to gains as Trump says Iran war could be over soon

2026/03/10 03:48
4 min read
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Crypto and stocks add to gains as Trump says Iran war could be over soon

It's been a historic 24 hours for crude oil, which soared to $120 per barrel overnight on Iran worries, but has plunged back to just above $80.

By Krisztian Sandor, Helene Braun|Edited by Stephen Alpher
Updated Mar 9, 2026, 7:51 p.m. Published Mar 9, 2026, 7:48 p.m.
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What to know:

  • Crypto assets, including crypto-related stocks extended their gains on Monday afternoon after U.S. President Donald Trump said the war with Iran could be over soon.
  • U.S. equities rose sharply following the news, erasing early morning losses.
  • Similarly, crude oil fell to $86 from around $116 as a result of Trump's comment.

A wild 24 hours continued in all markets after President Trump said the war against Iran could be over soon.

The action against Iran is "very far ahead" of what was expected to be a four-to-five-week time frame, said Trump in late-afternoon comments. He is expected to give updates on the situation at 5:30 pm ET.

Already in the midst of a sharp reversal higher after plunging Sunday evening as oil soared as much as 30%, crypto and equity markets added to gains following the comments.

Just ahead of the close, the Nasdaq was ahead 1.25% and S&P 500 0.8%. Bitcoin BTC$68,904.97 at just above $69,000 was up 2.4% over the past 24 hours.

Oil, meanwhile, tumbled even further. After rising as much as 30% to $120 per barrel on Sunday evening, WTI crude plunged all the way back to $85, now lower by 6% for the day.

Oil's historic day (finviz)

Crypto-related stocks added to Monday's gains, with Circle (CRCL) up 10% while Strategy (MSTR) and Coinbase (COIN) were 5% and 2% higher, respectively.

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Bitcoin could be the big winner if the U.S.-Iran conflict drags on for months

Macro strategist Mark Connors says war-driven spending, rising debt and lower interest rates could support bitcoin.

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  • Macro strategist Mark Connors said a prolonged U.S.-Iran conflict could boost bitcoin as war-related deficit spending expands liquidity and weakens the dollar.
  • Rapid U.S. debt growth and potential currency debasement are likely to push investors toward alternative assets such as bitcoin, Connors said.
  • The Federal Reserve’s need to keep Treasury markets functioning, combined with government borrowing, may lead to the lower interest rates and looser liquidity conditions that historically support bitcoin.
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