In the past week, global markets have been volatile due to military tensions between Iran, the United States, and Israel, with geopolitical risks quickly transmitting to energy and financial markets. According to the Financial Times, the Group of Seven (G7) plans to hold an emergency meeting on Monday to discuss the possibility of a coordinated release of strategic oil reserves, with preliminary reports suggesting a release of up to 400 million barrels. The meeting, initiated by France, is scheduled for 13:30 Central European Time.
Upon the news breaking, international oil prices fell sharply, with U.S. crude prices dipping to $101 per barrel at one point. Although the market later rebounded, bringing oil prices back close to the $100/barrel level, the intraday increase narrowed to 12%, indicating significant downward pressure overall. This volatility reflects the energy market's high sensitivity to policy interventions.
In this context, the cryptocurrency market was also affected. Bitcoin briefly dropped to an intraday low of $65,600 before rebounding, currently stabilizing around $67,400, having previously peaked at $68,000. However, the lack of buying momentum prevented a continuation of the upward trend. As a typical high-risk asset class, the crypto market often reacts sharply to macro uncertainties, and the drastic fluctuations in oil prices have heightened investors' risk-averse sentiment.
As of the time of publication, according to CoinGecko data, the total market capitalization of cryptocurrencies stands at $2.38 trillion, with a slight increase of 0.2% over the past 24 hours, indicating that the market is seeking balance amid the turbulence.
