Key takeawaysBitcoin slipped to around $70,000, pressured by rising energy prices and a stronger U.S. dollar.Federal Reserve held rates steady at 3.50%–3.75%, pausing cuts and boosting the dollar.Oil surged, with Brent hitting $114 and Oman crude nearing $150, fueling inflation concerns.Nearly $600 million in crypto liquidations occurred, with long positions taking the largest hit.Bitcoin Drops as Macro Pressures MountBitcoin fell toward the $70,000 level on Thursday, extending losses amid a broader risk-off move across global markets.The leading cryptocurrency declined about 1.6%, while Ethereum dropped roughly 1.7% to $2,160, tracking weakness in equities and other risk assets.The selloff comes as macroeconomic pressures intensify, driven by surging energy prices and tighter monetary expectations.Oil Surge Adds Inflation PressureEnergy markets rallied sharply as geopolitical tensions escalated in the Middle East.Brent crude oil rose to $114 per barrelOman crude spiked toward $150European natural gas futures surged 25%The price spike followed attacks on key energy infrastructure, raising concerns about global supply disruptions and rising inflation, which tend to weigh on risk assets like crypto.Fed Holds Rates, Dollar StrengthensThe Federal Reserve added further pressure after deciding to hold interest rates unchanged at 3.50%–3.75%, effectively pausing its rate-cutting cycle.The move strengthened the U.S. dollar and dampened appetite for risk assets, with Nasdaq 100 futures slipping alongside crypto markets.Higher rates and a stronger dollar typically reduce liquidity and investor demand for speculative assets such as cryptocurrencies.$600M Liquidations Hit Crypto MarketsThe downturn triggered widespread liquidations across crypto derivatives markets.$600 million in liquidations over 24 hoursMajority were long (bullish) positionsTotal futures open interest fell 5.6% to $106.9 billionEther futures open interest dropped 9%, signaling capital outflows as traders reduced exposure.At the same time, negative funding rates across major tokens indicate rising demand for short positions.Volatility and Downside Hedging IncreaseMarket sentiment has turned cautious, with volatility rising again.Bitcoin volatility index climbed above 58Options markets show increased demand for put options and downside protectionTraders are positioning for further uncertainty amid macro risksThe combination of geopolitical tensions, rising energy costs, and tighter financial conditions continues to drive volatility across crypto markets.