Oil prices declined after a coalition of major economies outlined plans to steady global energy markets, a move that helped lift sentiment across cryptocurrencies.
Bitcoin extended its rebound on Friday, rising to $70,800—up أكثر من 1%—after bouncing from intraday lows below $68,900. The broader market saw more modest gains, with Ethereum, XRP, and Solana each advancing by less than 1%, trailing bitcoin’s performance.
In the oil market, West Texas Intermediate crude fell close to 2% to $93.80, while Brent crude posted similar losses. The decline followed a joint pledge from countries including the U.K., France, Germany, Italy, the Netherlands, and Japan to coordinate efforts aimed at stabilizing supply and safeguarding shipping routes through the Strait of Hormuz.
A statement from the office of Keir Starmer condemned recent attacks linked to Iran and called for de-escalation. At the same time, U.S. Treasury Secretary Scott Bessent suggested that the U.S. could ease restrictions on Iranian oil tankers and potentially tap its Strategic Petroleum Reserve.
Earlier signals from the Federal Reserve pointing to increased uncertainty around growth and inflation have led markets to scale back expectations for rate cuts. This shift has left both crypto and traditional risk assets increasingly reactive to fluctuations in oil prices.
While the latest drop in crude has provided some relief, geopolitical tensions in the Middle East continue to cloud the outlook. WTI remains near a key support level around $92, still elevated compared to pre-conflict pricing. Analysts at Mott Capital Management said the current technical setup suggests oil could maintain an upward bias as long as support holds, with options market positioning indicating potential for further gains.
Meanwhile, equity markets are flashing caution signals. The S&P 500 has slipped below its 200-day simple moving average for the first time since May last year, pointing to weakening momentum. A deeper risk-off shift in equities could spill over into crypto and the broader financial landscape.
