Bitcoin rose nearly 5% on Tuesday, above $71,000, as risk assets rebounded amid signs that geopolitical tensions in the Middle East are easing.
The rally came after a sharp swing in oil markets. Crude oil prices fell more than 11% on Tuesday, falling to around $83 after rising to near $120 a barrel on Monday following supply cuts linked to the conflict in Iran.
The decline followed reports that the International Energy Agency will hold an emergency meeting of member states on Tuesday to discuss a possible coordinated drawdown of strategic oil reserves to stabilize markets.
The rally came after a sharp swing in oil markets. Crude oil prices fell more than 11% on Tuesday, falling to around $83 after rising to near $120 a barrel on Monday following supply cuts linked to the conflict in Iran.
The decline followed reports that the International Energy Agency will hold an emergency meeting of member states on Tuesday to discuss a possible coordinated drawdown of strategic oil reserves to stabilize markets.
As energy prices rebounded, investors returned to riskier assets. Crypto markets around the world were higher, with Bitcoin trading near $71,500, while Ethereum rose to around $2,080 and Solana rose to around $88, both gaining around 4%. XRP rose by about 5% to close at $1.43.
Stocks also advanced during the session. The S&P 500 rose about 0.4%, while the Nasdaq Composite rose about 0.5%.
Crypto-related stocks joined the rally. The circle was up about 7%, while the figure was up about 15%. Japan-based Bitcoin banking firm Metaplanet rose nearly 8%, and crypto mining firm Bitfarms gained nearly 7%.
