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Bitcoin stabilizes near $71K after drop amid rising oil prices
Bitcoin stabilized around $71,000 on Friday after falling below $69,000 in the previous session, as volatile oil prices and caution over the Fed’s hawkish policy weighed on risk appetite.
The world’s largest cryptocurrency was last trading 0.3% lower at $70,675.7 as of 05:42 GMT.
Bitcoin fell to a low of $68,814.4 on Thursday, when a brief surge in crude oil prices triggered a broad retreat in risk assets.
Bitcoin under pressure from sharp oil price swings
Bitcoin came under pressure as Brent crude briefly surged to $119 per barrel on Thursday amid ongoing supply disruptions in the Middle East.
Oil prices later pared gains after the U.S. and its allies took steps to ease supply concerns.
U.S. Treasury Secretary Scott Bessent said Washington may allow sanctioned Iranian oil already at sea to enter global markets, and added that further releases from the strategic petroleum reserve remain an option if market conditions require intervention.
Israeli Prime Minister Benjamin Netanyahu said Israel would refrain from further attacks on Iranian energy facilities, easing some concerns about deeper disruptions to regional oil supplies.
Brent crude subsequently fell below $110 per barrel later on Thursday and declined again in Asian trading on Friday, helping improve sentiment in financial markets.
Fed’s hawkish stance also weighs
Bitcoin, although remaining one of the best-performing major global assets this year, continued to trade in line with broader macroeconomic sentiment.
Recent policy signals from the Federal Reserve also continued to pressure digital assets.
The central bank left interest rates unchanged this week, and policymakers maintained a cautious tone and signaled that inflation risks tied to higher energy prices could delay rate cuts.
Bitcoin price today: most altcoins remain subdued
Most altcoins declined on Friday, extending losses amid cautious sentiment.
The world’s second-largest cryptocurrency Ethereum fell 2.1% to $2,143.92.
The world’s third-largest cryptocurrency XRP dropped 0.7% to $1.43.
Solana declined 0.3%, while Cardano and Polygon remained largely unchanged.
Among meme tokens, Dogecoin rose 0.5%.
See also: "Crypto ETFs ended inflow streak amid macroeconomic pressure"
