Analysis: Concerns over Oil Supply Shock Ease, Bitcoin and Crypto Stocks Rise Together, Market Sentiment Warms Up

Odaily According to news, as concerns over a potential oil supply shock eased, Bitcoin continued to rise on Tuesday, contributing to an improvement in global market risk appetite. The International Energy Agency (IEA) announced on Tuesday that it would hold an extraordinary meeting to discuss the release of emergency oil reserves. Subsequently, WTI crude oil prices fell to $82, after surging to nearly $120 over the weekend. Meanwhile, the S&P 500 and Nasdaq 100 indexes rose by about 0.5% during the midday session.

Crypto-related stocks also moved higher: stablecoin issuer Circle (CRCL) rose by 6%, with a cumulative gain of nearly 100% over two weeks; digital asset infrastructure company BitGo (BTGO) rose by over 8%; blockchain company Figure (FIGR) increased by 12%. Following the announcement of Nigel Farage joining the UK Bitcoin treasury company Stack BTC (STAK), the stock has accumulated a gain of over 200%. The correlation between Bitcoin and the software stock ETF (IGV) is weakening, indicating that BTC may be starting to exhibit more independent price movements during periods of macroeconomic uncertainty. (CoinDesk)