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Analysis: Concerns over oil supply shocks ease, Bitcoin and crypto stocks rise together, market sentiment improves
As concerns over potential oil supply shocks eased, btc-42">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, having surged to nearly $120 over the weekend, while the S&P 500 and Nasdaq 100 indices rose about 0.5% at midday.
Crypto-related stocks also climbed: stablecoin issuer Circle (CRCL) rose 6%, with a two-week cumulative increase of nearly 100%; digital asset infrastructure company BitGo (BTGO) gained over 8%; and blockchain company Figure (FIGR) increased by 12%. After the announcement of Nigel Farage joining, UK Bitcoin treasury company Stack BTC (STAK) saw its stock rise over 200%. The correlation between Bitcoin and software stock ETF (IGV) is weakening, indicating that BTC may begin to exhibit a more independent trend during periods of macro uncertainty.
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