Crypto price news: Bitcoin hits $71,500, CRCL, BTGO, FIGR rally as oil shock fears fade
Bitcoin surpassed $71,500 as easing fears of an oil supply shock boosted global risk sentiment and crypto markets.Summary
Cryptocurrencies advanced on Tuesday, driven by improved risk sentiment following the International Energy Agency's (IEA) announcement that it would meet to consider releasing emergency oil reserves, easing concerns over a potential oil supply shock. Bitcoin climbed above $71,500 before settling around $71,300, while WTI crude oil prices dropped significantly from their weekend highs. Several crypto-related stocks also rallied, including Circle (CRCL), BitGo (BTGO), and Figure (FIGR). Analysts noted that Bitcoin appears to be decoupling from software stocks, suggesting it might trade more independently during macro uncertainty. Despite this resilience, experts remain cautiously optimistic, noting that while leverage has been flushed out and support exists around $66,000, downside risk persists if that support level fails.
(Source：CoinDesk)