Bitcoin pushed back toward $72,000 Thursday after a late-evening post from U.S. Treasury Secretary Scott Bessent aimed to soothe market concerns over a recent oil shock.
Bessent told followers on X that the administration is taking steps to "promote stability and lower energy prices," saying the Treasury will issue a temporary authorization "to permit countries to purchase Russian oil currently stranded at sea." He added that "the temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term," signaling that officials view the spike as transitory.
The remarks arrived after crude surged nearly 10% earlier in the session — approaching $100 per barrel — and helped push U.S. stocks sharply lower. Bitcoin (BTC) had held the $70,000 level for most of the day and climbed from roughly $69,873.58 to just under $72,000 in the minutes following Bessent’s post, putting it about 2.2% higher on the 24-hour chart. Meanwhile, WTI crude cooled off roughly $2 from its intraday highs and was trading around $95.22 per barrel.
For crypto markets, the episode underscores how macro moves in energy and equities can quickly ripple into digital assets as investors recalibrate risk and safe-haven flows. Traders will be watching whether oil’s pullback sustains and how further policy signals affect both traditional markets and Bitcoin’s next directional move.
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