Bitcoin’s next move depends on oil’s direction while Trump’s memecoin crashes

The largest digital currency fell below the psychologically important $70,000 barrier again on Wednesday after Iran claimed it had planted mines in the Strait of Hormuz, where dozens of oil tankers are currently waiting to sail to their final customers. After oil prices fell later in the day, Bitcoin’s price rose back above $70,000.

#CRUDEOIL 78-80 area becomes the new support. pic.twitter.com/7KlDWxFkuT

— Aksel Kibar, CMT (@TechCharts) March 10, 2026

Analysts argue that Bitcoin’s price (as well as the direction of stock markets) is currently heavily dependent on oil prices (as US inflation figures remained relatively neutral). The Federal Reserve’s future interest rate decisions will also be a determining factor.

Meanwhile, President Donald Trump’s popularity is declining due to the war in Iran, and his own memecoin appears to be following that trend.

2025

In January of last year, just before his inauguration, the American president, who, with decades of television experience, knows exactly when to command attention, launched his own memecoin called “Trump.” The value of that Trump coin rose immediately, reaching $40 each on Saturday. On Sunday, it rose even faster, reaching a value of $75 each, until a new memecoin was launched, namely Melania’s.

Trump’s value plummeted, dropping as much as 50% in just one hour. During that period, the wallets that had bought in first sold all their coins for huge profits, until demand for purchases dried up.

According to calculations, the Trump family earned approximately $350 million during that first weekend.

Trump meme coin crashes 96% from its peak as the President’s approval ratings fall. 📉

— CoinFlowX (@CoinFlowX) March 10, 2026

By now, the Trump memecoin has followed the US president’s popularity, reaching an all-time low of around $2. All Trump fans who had bought thousands of dollars have likely seen their investment into the Trump memecoin turn into cents.