Key Moments
- Bitcoin last traded 0.3% lower at $70,675.7 after briefly dropping to $68,814.4 in the prior session.
- A short-lived jump in Brent crude to $119 per barrel coincided with a broad pullback in risk-sensitive assets.
- Most major altcoins traded weaker, with Ethereum down 2.1% to $2,143.92 and XRP falling 0.7% to $1.43.
Bitcoin Stabilizes After Sharp Pullback
Bitcoin hovered near the $71,000 level on Friday, consolidating after a sharp decline below $69,000 in the previous session. At 01:42 ET (05:42 GMT), the largest cryptocurrency was last quoted 0.3% lower at $70,675.7, reflecting a modest recovery from Thursday’s intraday low.
On Thursday, Bitcoin dropped to $68,814.4 as a sudden spike in crude oil prices coincided with selling pressure across a range of risk-focused assets. The move came against a backdrop of heightened sensitivity to macro drivers and policy headlines.
Oil Price Swings Feed Risk Aversion
Bitcoin faced headwinds as Brent crude briefly surged to $119 per barrel on Thursday amid ongoing supply disruptions linked to the Middle East. The sharp move in energy markets contributed to a risk-off tone that weighed on cryptocurrencies and other risk-sensitive instruments.
Oil later trimmed its gains after policy signals aimed at easing supply concerns. U.S. Treasury Secretary Scott Bessent said Washington may allow sanctioned Iranian oil already at sea to reach global markets, and noted that further releases from the Strategic Petroleum Reserve remained an option if market dynamics warranted such action.
Additionally, Israeli Prime Minister Benjamin Netanyahu said Israel would refrain from launching further attacks on Iranian energy facilities, which helped temper worries about a more significant disruption to regional crude exports.
Following these developments, Brent crude pulled back below $110 per barrel later on Thursday and extended its decline in Asian trading on Friday. The retreat in oil prices helped improve broader market sentiment, offering some support to risk assets, including Bitcoin.
| Asset | Recent Level / Move | Context |
|---|---|---|
| Bitcoin | $70,675.7, down 0.3% | Rebounded after low of $68,814.4 |
| Brent crude (intraday Thursday) | $119 per barrel (brief surge) | Driven by Middle East supply disruptions |
| Brent crude (later Thursday) | Below $110 per barrel | Retreated as supply fears eased |
Fed Policy Stance Adds to Crypto Headwinds
Despite remaining one of the stronger performers among major global assets this year, Bitcoin continued to move largely in step with broader macro sentiment. The Federal Reserve’s latest policy communications added another layer of caution for digital assets.
The Fed kept its benchmark interest rate unchanged this week. Policymakers maintained a guarded tone and indicated that inflation risks tied to higher energy prices could postpone the timing of any potential rate cuts. This hawkish-leaning outlook has weighed on appetite for speculative and growth-oriented assets, including cryptocurrencies.
Altcoins Trade Softer as Caution Persists
Most major altcoins were under pressure on Friday, extending losses as investors remained wary.
| Cryptocurrency | Move | Latest Price |
|---|---|---|
| Ethereum (World no.2) | -2.1% | $2,143.92 |
| XRP (World no. 3) | -0.7% | $1.43 |
| Solana | -0.3% | Not specified |
| Cardano | Largely muted | Not specified |
| Polygon | Largely muted | Not specified |
| Dogecoin (meme token) | +0.5% | Not specified |
Ethereum, the second-largest cryptocurrency by market capitalization, declined 2.1% to $2,143.92. XRP, the third-largest, slipped 0.7% to $1.43. Solana eased 0.3%, while Cardano and Polygon showed little movement. Among meme-focused tokens, Dogecoin edged 0.5% higher.
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