Bitcoin Rallies Above $69,000 as Oil Reverses Sharply

Crypto markets erased their weekend slump on Monday as risk assets rallied following reports that G7 energy ministers are discussing a potential release of oil reserves to compensate for supply disruptions caused by the ongoing Iran conflict.

Bitcoin (BTC) is trading at around $69,000, up 2.7% over the past 24 hours. Meanwhile, ETH and SOL gained 4% to about $2,020 and $85, respectively, and XRP is up 1.7% on the day.

The overall crypto market capitalization climbed 2.7% to $2.43 trillion, according to Coingecko.

Crude oil (WTI) briefly surged above $110 per barrel on Sunday night as fears of an extended Middle East conflict intensified, only to reverse sharply after G7 energy ministers met to discuss a potential release of strategic stockpiles. WTI is currently trading at around $92. The S&P 500 and the Nasdaq pared earlier losses, 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 Hyperliquid (HYPE), which ralled 12%, followed by Zcash (ZEC) and Bittensor (TAO), which climbed 9%.

Canton (CC) and RAIN are the biggest losers.

Around 94,000 leveraged traders were liquidated for $409 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $157 million, while ETH positions made up $79 million.

Bitcoin exchange-traded funds (ETFs) recorded outflows of $349 million on Friday, marking a second day of losses.