Bitcoin Rebounds to $68,000 as G7 Weighs Strategic Oil Reserve Release
Group of Seven finance ministers are considering a coordinated release of an estimated 300 million to 400 million barrels from strategic oil reserves to boost near-term supply and curb energy inflation. Because oil prices affect interest rates and risk appetite, such a policy would also influence volatile assets including Bitcoin.
As of July 19, 2026, crude oil had surged as much as 25% before retreating sharply on reports that the G7 could authorize an emergency reserve release, though the final plan remained unconfirmed. Bitcoin (BTC) rebounded strongly from about $65,725, first approaching $68,000 and later touching $69,000.
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The history behind this eventBitcoin Climbs to Nearly $72,000 as U.S. Treasury Moves to Ease Oil-Price Fears
Bitcoin has shown relative strength even as the war in Iran drives up crude prices and intensifies concerns about global inflation and interest rates. U.S. Treasury Secretary Scott Bessent sought to stabilize energy-market expectations, with his policy signal also influencing U.S. stocks, cryptocurrencies and crypto-related shares.
On the evening of July 18, Bessent said he would authorize purchases of Russian crude still in transit to increase supply and lower oil prices. The announcement sent Bitcoin above $72,000 and briefly to $73,800, its highest level in a month. During the same period, slippage on a DeFi protocol caused an investor to lose about $50 million in a single trade, underscoring on-chain liquidity risks.
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