Bitcoin Surges Past $81K on Oil Price Rise, IEA Warns of Further Cuts

Bitcoin surged to $81,034 on Bitstamp as oil prices rose in response to the worsening fuel crisis. The International Energy Agency warned that countries may need to cut usage and release emergency reserves again.

The price jump of 6% sent shorts above the spot price, with CoinGlass reporting cumulative cross-crypto short liquidations of near $250 million over a four-hour stretch.

US WTI crude oil prices rose from $94.80 per barrel to around $98 at the time of writing. The IEA attributed the easing in prices earlier this year to the release of 400 million barrels from emergency reserves and increased production outside the Middle East.