Gate News, March 20 — On Friday, several major economies announced joint measures to stabilize the energy markets. Bitcoin rebounded along with oil prices, briefly rising to $70,800, up more than 1% for the day, continuing its recovery from the previous overnight low below $68,900. Mainstream cryptocurrencies like Ethereum, XRP, and SOL gained less than 1%, performing noticeably worse than Bitcoin.
Regarding oil prices, the UK, France, Germany, Italy, the Netherlands, and Japan issued a joint statement announcing measures to stabilize the energy markets and joining coordinated efforts to ensure the safety of shipping through the Strait of Hormuz. The six countries condemned Iran’s attacks in a joint statement released by the UK Prime Minister’s Office and urged Iran to cease its actions immediately. As a result, WTI crude oil fell nearly 2% to $93.80 per barrel, and Brent crude, the international benchmark, experienced a similar decline. Earlier this week, U.S. Treasury Secretary Janet Yellen indicated that the U.S. might soon lift sanctions on Iranian oil tankers and consider releasing strategic petroleum reserves.
However, the brief decline in oil prices has not eliminated market uncertainty. Mott Capital Management stated that WTI still holds a key support level, which aligns with previous highs and short-term trends. As long as oil prices remain above this support, upward momentum may continue, and options market positioning suggests there is still room for further gains.
In the stock market, the S&P 500 index closed below its 200-day moving average on Thursday for the first time since May last year, indicating a shift to bearish momentum. If risk aversion in the stock market intensifies, it could further weigh on cryptocurrencies and broader financial markets.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Whale Opens 40x Leveraged Long on 394.6 BTC Worth $31.94M on Hyperliquid
According to Hyperinsight monitoring, on May 7, a whale address on Hyperliquid opened a 40x leveraged long position on 394.6 BTC worth approximately $31.94 million. The position was entered at an average price of $81,059 per BTC, with a liquidation price at $62,069. The address currently holds a
GateNews3m ago
Bitcoin Could Hit $1 Million Within Five Years, Says VanEck's Sigel
According to Matthew Sigel, VanEck's Head of Digital Assets Research, bitcoin could reach $1 million within five years. In a Wednesday interview with CNBC, Sigel cited demographic trends and young investors' growing allocation to Bitcoin as drivers for the price target. He compared Bitcoin
GateNews11m ago
Two Whales Sell 2,521 BTC Worth $205.26M, Realizing Combined Profits of $13.47M
Gate News message, two whale addresses sold a total of 2,521 BTC valued at $205.26 million seven hours ago.
The address bc1qlu purchased 1,470 BTC for $109.44 million three weeks ago at a price of $74,448 per coin and sold the holdings seven hours ago, realizing a profit of $10.23 million.
The a
GateNews22m ago
Germany plans to scrap one-year Bitcoin holding tax exemption and switch to a stock tax treatment model
According to Bitcoin News on May 7, Germany’s Finance Minister Lars Klingbeil confirmed that Germany’s government is planning to adopt “different” tax policies for Bitcoin and crypto assets, with the direction possibly being to scrap the current mechanism that exempts holdings held for more than one year from tax and align the tax treatment of Bitcoin with stock assets.
MarketWhisper25m ago
Bitcoin Spot ETFs See $45.85M Net Inflows Overnight, BlackRock IBIT Leads at $134M
According to Trader T, Bitcoin spot ETFs saw net inflows of $45.85 million yesterday (May 6), with BlackRock's IBIT leading at $134 million. Other major products experienced outflows, including Fidelity's FBTC at $38.95 million, Bitwise's BITB at $25.18 million, Grayscale's GBTC at $17.10 million, a
GateNews36m ago
Bitcoin Post-Quantum Migration Harder Than Taproot, Project Eleven CEO Says
Alex Pruden, CEO of Project Eleven, stated that Bitcoin's post-quantum migration will be more difficult than the Taproot upgrade and should begin immediately. According to Pruden, the asymmetry between acting on a post-quantum signature scheme today and waiting for certainty about
CryptoFrontier47m ago
