Bitcoin Surges Above $71,500 on Easing Oil Supply Fears

Bitcoin's price surged above $71,500 on Tuesday morning before pulling back to around $71,300, marking a gain of 3.2% over the past 24 hours.

The advance came as concerns over a potential global oil supply disruption eased following a statement from the International Energy Agency announcing an extraordinary meeting to discuss releasing emergency oil reserves.

WTI crude oil prices fell to $82 a barrel on Tuesday after spiking to near $120 over the weekend, while the S&P 500 and Nasdaq 100 each gained roughly 0.5% by midday.

XRP, DOGE, SUI, and HYPE were among the top performers alongside Bitcoin, with stablecoin issuer Circle (CRCL) extending a recent rally, climbing 6%, and nearly doubling in value over two weeks.