Crypto prices surged today, led by Bitcoin, after the IEA announced it would release a record 400 million barrels of oil from strategic reserves to curb volatility and shore up supplies.
TradingView data shows the total crypto market cap rising to about $2.38 trillion. Bitcoin climbed to around $71,000, up from intraday lows.
The move came as IEA members including the U.S., Germany, France and the United Kingdom agreed to release the record oil stockpile. This would mark the largest release to date and could be double the 2022 action that accompanied the early days of the Ukraine crisis. The goal is to ease supply concerns and curb price volatility in energy markets, which in turn has supported crypto sentiment.
Oil prices have been volatile; U.S. WTI futures rose about 4% on the day, as markets weigh global energy supply and demand dynamics. Separately, traders are watching CPI data and broader macro news that intersect with energy and risk assets.
