Bitcoin climbs past $71,000 as oil shock fears continue to ease

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin climbs past $71,000 as oil shock fears continue to ease The International Energy Agency (IEA) on Tuesday said it will convene an extraordinary meeting of its member countries to consider releasing emergency oil reserves. By Krisztian Sandor , James Van Straten | Edited by Stephen Alpher Mar 10, 2026, 3:58 p.m. Make us preferred on Google Bitcoin (BTC) price on March 10 (Coindesk) What to know : Cryptocurrencies rallied as easing fears of an oil supply shock, helped by the IEA’s move toward a possible release of emergency reserves, lifted risk sentiment across global markets. Bitcoin climbed above $71,500 at one point during Tuesday morning U.S. trading hours and major tokens like XRP, dogecoin, SUI and HYPE also advanced. Bitcoin is showing signs of decoupling from software and tech stocks, holding up better than equities during recent macro turbulence — a "cautiously optimistic" sign, one analyst said. Cryptocurrencies are extending their advances on Tuesday as easing concerns about a potential oil supply shock improved risk sentiment across global markets. The sentiment shift came after the International Energy Agency (IEA) said it would convene an extraordinary meeting of its member countries to consider releasing emergency oil reserves. Bitcoin BTC $ 71,151.70 climbed above $71,500 for the first time since Thursday, before easing back to the current $71,300, up 3.2% over the past 24 hours. The broad market CoinDesk 20 Index was up by a similar amount, with XRP (XRP), DOGE $ 0.09913 , SUI $ 0.9905 and Hyperliquid's native token (HYPE) leading gains among major crypto assets. WTI crude oil extended its decline on the news, dropping to $82 after spiking to near $120 over the weekend. Meanwhile, the S&P 500 and tech-heavy Nasdaq 100 were up roughly 0.5% at midday. Most crypto-related stocks mirrored the advance. Stablecoin issuer Circle (CRCL) was up another 6%, now nearly 100% higher in two weeks, while digital asset infrastructure firm BitGo (BTGO) climbed more than 8% and blockchain firm Figure (FIGR) rallied 12%. Since Nigel Farage was announced as joining U.K. bitcoin treasury firm Stack BTC (STAK) on Monday, that stock has surged more than 200%. Bitcoin decoupling from software Bitcoin appears to be losing its correlation with the software stock ETF (IGV), as BlackRock’s IBIT is up around 3% over the past 24 hours while IGV is down more than 2%. However, over the past five days, IGV is up about 1.5% while IBIT is down roughly 2%, suggesting IBIT may still have some catching up to do if the correlation with software stocks is to re-establish itself. A weakening correlation could also be notable, as it may signal bitcoin beginning to trade more independently from software and tech equities, potentially becoming a more uncorrelated asset during periods of macro uncertainty. While still outperforming gold and U.S. equities since the war began. 'Cautiously optimistic' for BTC Zooming out, bitcoin’s recent price action has been relatively resilient despite the ongoing macro turbulence, said James Harris, CEO of crypto yield platform Tesseract Group. After briefly testing the low-$60,000 area, BTC recovered even as broader risk markets struggled with geopolitical uncertainty, he said. Meanwhile, ETF inflows have remained broadly supportive, while a sharp deleveraging earlier in the month helped clean up excessive positioning in derivatives markets. The mix of washed-out sentiment, flushed-out leverage and support around the $66,000 zone suggests bitcoin may be entering a bottoming process, Harris said. However, downside risk persists as the crypto market remains fragile. "If support in the mid-$60k area fails, we could easily see another test lower, but for now we remain cautiously optimistic on BTC," he said. Bitcoin News Oil Market Wrap More For You Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race By CoinDesk Research Feb 27, 2026 Commissioned by Pudgy Penguins CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. What to know : Disrupting a Stagnant Market : Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. View Full Report More For You Solana, XRP ETFs take different paths as crypto investors pile in By Helene Braun | Edited by Stephen Alpher 39 minutes ago Solana funds are seeing more institutional demand, while the XRP products are retail investor favorites, according to a Bloomberg report. What to know : U.S. Solana ETFs are drawing strong interest from crypto-native institutional investors, according to Bloomberg. SOL spot ETFs have amassed roughly $1.45 billion in cumulative inflows, indicating resilient demand despite more than a 50% plunge in the price. XRP ETFs show a contrasting investor base: only about 16% of assets are tied to 13F filers, with the rest likely held by retail investors. 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