Oil Woes Send Bitcoin Soaring Past $80K

Bitcoin's price surged past $80,000 on Friday as concerns over oil supply and fuel-crisis woes spread through global markets.

The crypto jumped 6% in a single day, with data from TradingView showing the BTCUSD pair reaching local highs of $81,034 on Bitstamp. This sudden move led to the liquidation of $250 million in short positions over four hours, according to CoinGlass.

US bond yields rebounded higher amid the oil uncertainty, with the US 30-year yield rising by 90 basis points to 5.34%.

The International Energy Agency (IEA) warned that countries may have no choice but to cut usage due to constrained Gulf supplies and rapidly depleting commercial inventory buffers.