Bitcoin Tops $71,000 as Oil Drops Under $80

Total crypto capitalization is up another 3% to $2.49 trillion.

Crypto markets rallied for a second day as fears of an oil supply shock eased after the International Energy Agency (IEA) convened an emergency meeting to discuss the potential release of emergency reserves.

Bitcoin (BTC) is trading at around $70,700, up 3.5% over the past 24 hours. The world’s largest cryptocurrency reached as high as $71,800 earlier in the day. Meanwhile, ETH climbed 2.5% to $2,070, SOL gained 4% to $88, and XRP is up 3.6% on the day.

BTC Chart

The overall crypto market capitalization climbed 3% to $2.49 trillion, according to Coingecko.

Crude oil (WTI) briefly fell below $80 per barrel but has since erased its losses to trade around $84. The S&P 500 and the Nasdaq posted minor gains while gold and silver were mostly unchanged.

Almost all of the Top 100 digital assets posted gains over the last 24 hours.

Today’s top gainers are RENDER, which rallied 10%, followed by Bittensor (TAO) and SKY, which climbed 7%.

Memecore (M) and Midnight (NIGHT) are the biggest losers

Around 96,000 leveraged traders were liquidated for $377 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $138 million, while ETH positions made up $73 million.

Bitcoin exchange-traded funds (ETFs) recorded inflows of $167 million on Friday, according to SoSoValue, snapping a two-day losing streak.

Source: https://thedefiant.io/news/markets/bitcoin-tops-usd71-000-as-oil-drops-under-usd80