Bitcoin (BTC), the largest cryptocurrency, rose to $71,171.23, with the wider crypto market seeing a notable price bounce on Friday after major economies announced joint efforts to boost oil supplies through the now-disrupted Strait of Hormuz.
BTC rose more than 1.4 per cent on the day, extending its recovery from overnight lows under $68,900.
As of press time, other major coins, including Ethereum (ETH), Ripple (XRP), and Solana (SOL), saw smaller gains of less than 1 per cent.
SOL appreciated 0.6 per cent to trade at $90.07, ETH rose 0.4 per cent to $2,163.14, followed by XRP as it added 0.3 per cent to sell at $1.46.
Britain, France, Germany, Italy, the Netherlands, and Japan said they would take steps to stabilise energy markets and join collaborative efforts to ensure safe passage through the Strait of Hormuz.
In a joint statement issued by the UK Prime Minister Keir Starmer’s office, leaders of these nations condemned the attacks by Iran and urged it to halt its actions immediately.
On Thursday, US Treasury Secretary Scott Bessent said the US may soon remove sanctions from Iranian oil tankers and could release crude from its Strategic Petroleum Reserve.
With the Federal Reserve expressing heightened uncertainty on growth and inflation outlooks earlier this week, traders have scaled back expectations for Federal Reserve rate cuts. This has left crypto and traditional risk assets largely at the mercy of oil price swings.
Market analysts noted that the latest drop in oil, though positive, doesn’t end the uncertainty, as military conflict in the Middle East continues.