Bitcoin moved back above $71,000 on Tuesday, briefly topping $71,500 for the first time since Thursday before easing to around $71,300. The token was up 3.2% over the past 24 hours as risk appetite improved across global markets following signs that fears of a major oil supply disruption were easing.
The shift came after the International Energy Agency said it would hold an extraordinary meeting of member countries to consider a release of emergency oil reserves. Oil reacted quickly. WTI crude fell to $82 after surging to nearly $120 over the weekend. U.S. equities also firmed, with the S&P 500 and the tech-heavy Nasdaq 100 each gaining about 0.5% by midday.
The move was broad across digital assets. The CoinDesk 20 Index advanced by roughly the same pace as bitcoin, while XRP, DOGE, SUI and Hyperliquid’s native token HYPE led gains among major tokens. Crypto-linked stocks tracked the rise as well: stablecoin issuer Circle (CRCL) added another 6%, bringing its two-week gain to nearly 100%; digital asset infrastructure company BitGo (BTGO) climbed more than 8%; and blockchain company Figure (FIGR) rose 12%.
Stack BTC Extends a Sharp Rally
Stack BTC (STAK), a U.K. bitcoin treasury firm, has surged more than 200% since Nigel Farage was announced as joining the company on Monday. The scale of that jump showed how quickly bitcoin-linked equity themes can attract fresh buying when sentiment turns.
Bitcoin’s Link to Software Stocks Looks Weaker
One market signal drawing attention is the apparent cooling in bitcoin’s correlation with software equities. Over the last 24 hours, BlackRock’s spot bitcoin ETF IBIT rose about 3% while the software-stock ETF IGV fell more than 2%. That is a notable divergence in a period when crypto and high-growth tech have often traded in the same direction.
The picture is less clear over a slightly longer window. Across the past five days, IGV is up about 1.5% while IBIT is down roughly 2%, which suggests IBIT may still have room to catch up if the old correlation returns. The report also noted that bitcoin has still outperformed gold and U.S. equities since the war began.
Tesseract Group Sees Resilience in Recent BTC Trading
James Harris, CEO of crypto yield platform Tesseract Group, said bitcoin’s recent price action has looked relatively resilient despite macro turbulence. After briefly testing the low-$60,000 area, BTC recovered even as broader risk markets were dealing with geopolitical uncertainty.
Harris said ETF inflows have remained broadly supportive, while a sharp deleveraging in derivatives markets earlier in the month helped clear excessive positioning. That combination, in his view, has left bitcoin in a steadier position during the latest bout of macro volatility.