Bitcoin Surges on Easing Oil Prices and Strong ETF Demand
Bitcoin's price surged nearly 5% to around $81,015 after recovering from the mid-$77,000 range due to a combination of factors. The cryptocurrency market saw over $603 million in crypto positions liquidated during this time.
The easing of oil prices played a significant role in Bitcoin's rally. Crude oil prices fell below $100 after Saudi Arabia found alternative supply routes through Oman, alleviating fears of major disruptions. Oil prices had risen to nearly $108 earlier this week due to concerns over pipeline attacks and rising tensions between Saudi Arabia and Yemen's Houthis.
The U.S. Commodity Futures Trading Commission (CFTC) submitted new crypto rules titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets' for review by the White House. The SEC also granted a five-year exemption for limited on-chain trading of tokenized stocks, allowing regulators to test blockchain-based trading while maintaining investor protections.
Strong demand for Bitcoin ETFs added further fuel to the rally. U.S. spot Bitcoin ETFs saw $591 million in net inflows over the past two days, with Fidelity's FBTC and BlackRock's IBIT leading the charge.