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 Reclaims $65,000 as U.S.-Iran Strike Pause Drives Oil Lower
Fighting between the United States and Iran had pushed up crude prices and renewed inflation concerns, weighing on equities and cryptocurrencies. A pause in reciprocal strikes has opened room for diplomacy and reduced the geopolitical premium embedded in energy markets. That matters for bitcoin because cheaper oil can ease expectations for sustained inflation and higher interest rates while improving demand for risk assets. Ether and other major tokens also tend to benefit when investors rotate out of defensive positions.
On July 27, U.S. and Iranian forces held fire for a second straight day, sending crude futures down about 5%. Bitcoin rose back above $65,000 and later approached $66,000, while ether climbed through $1,940 and reached as high as $1,967. Solana and XRP also advanced. U.S. stocks joined the risk-on move, with the S&P 500 and Nasdaq Composite each up about 0.3% early in the session. CoinGlass data showed nearly $250 million of crypto short positions liquidated over 24 hours.
Bitcoin 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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