Analysis: Easing concerns over oil supply shocks drive bitcoin and crypto stocks higher, market sentiment rebounds

According to Odaily, as concerns over potential oil supply shocks eased, bitcoin continued to rise on Tuesday, boosting global market risk appetite. The International Energy Agency (IEA) announced on Tuesday that it would hold an extraordinary meeting to discuss whether to release emergency oil reserves. WTI crude oil prices subsequently fell to $82, after having surged to nearly $120 over the weekend, while the S&P 500 and Nasdaq 100 indices both rose about 0.5% at midday.

Crypto-related stocks also moved higher: stablecoin issuer Circle (CRCL) rose 6%, with a cumulative increase of nearly 100% over two weeks; digital asset infrastructure company BitGo (BTGO) gained over 8%; blockchain company Figure (FIGR) rose 12%. UK bitcoin treasury company Stack BTC (STAK) saw its stock surge over 200% after announcing that Nigel Farage had joined the company. The correlation between bitcoin and software stock ETF (IGV) is weakening, indicating that BTC may be starting to show more independent performance during periods of macro uncertainty. (CoinDesk)