Six Countries Unite to Stabilize Energy Market, Oil Prices Fall Nearly 2%, Bitcoin Rebounds to $70,800

Gate News, March 20 — On Friday, several major economies announced joint measures to stabilize the energy markets. Bitcoin rebounded along with oil prices, briefly rising to $70,800, up more than 1% for the day, continuing its recovery from the previous overnight low below $68,900. Mainstream cryptocurrencies like Ethereum, XRP, and SOL gained less than 1%, performing noticeably worse than Bitcoin.

Regarding oil prices, the UK, France, Germany, Italy, the Netherlands, and Japan issued a joint statement announcing measures to stabilize the energy markets and joining coordinated efforts to ensure the safety of shipping through the Strait of Hormuz. The six countries condemned Iran’s attacks in a joint statement released by the UK Prime Minister’s Office and urged Iran to cease its actions immediately. As a result, WTI crude oil fell nearly 2% to $93.80 per barrel, and Brent crude, the international benchmark, experienced a similar decline. Earlier this week, U.S. Treasury Secretary Janet Yellen indicated that the U.S. might soon lift sanctions on Iranian oil tankers and consider releasing strategic petroleum reserves.

However, the brief decline in oil prices has not eliminated market uncertainty. Mott Capital Management stated that WTI still holds a key support level, which aligns with previous highs and short-term trends. As long as oil prices remain above this support, upward momentum may continue, and options market positioning suggests there is still room for further gains.

In the stock market, the S&P 500 index closed below its 200-day moving average on Thursday for the first time since May last year, indicating a shift to bearish momentum. If risk aversion in the stock market intensifies, it could further weigh on cryptocurrencies and broader financial markets.