Bitcoin Rises Toward $72,000 as Bessent Greenlights Russian Oil at Sea to Save Economy

Bitcoin (BTC-USD) is climbing back toward $72,000 this morning after a surprise move from the U.S. Treasury helped calm a nervous market. Treasury Secretary Scott Bessent announced late Thursday that the government is giving a green light for countries to buy Russian oil that is already at sea. This decision helped pull oil prices down from their recent peaks, giving investors the confidence to jump back into riskier assets like Bitcoin.

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The Treasury Creates a New Plan to Move Oil at Sea

The new “General License 134” allows for the sale of Russian crude oil and petroleum products that were already loaded onto ships by March 12. This temporary authorization will stay in place until April 11. By letting this “stranded” oil hit the market, the government is trying to stop energy prices from spiraling out of control. Secretary Bessent explained the move on X, stating that “To increase the global reach of existing supply, the U.S. Treasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea.”

Oil Prices Pull Back as Fears Ease

Before this news broke, oil prices had jumped nearly 10% to hit almost $100 per barrel. This spike was caused by the ongoing war in the Middle East and the closure of major shipping routes like the Strait of Hormuz. After Bessent’s announcement, crude oil prices dropped by about $2 per barrel. Bessent reassured the public that the current price jump is a “short-term and temporary disruption” that will eventually lead to a “massive benefit” for the U.S. economy in the long run.

Bitcoin Reclaims Its Ground

As oil prices fell, Bitcoin quickly moved up by 2.2%, trading just shy of the $72,000 mark. The coin has shown a lot of strength by holding above $70,000 even during the worst of the energy price scare. Traders are starting to see Bitcoin as a way to avoid the risks associated with traditional markets that are tied too closely to oil and war news. While the stock market has struggled lately, the “digital gold” is finding its own path upward.

At the time of writing, Bitcoin is sitting at $71,502.76.

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