Cryptocurrencies are extending their advances on Tuesday as easing concerns about a potential oil supply shock improved risk sentiment across global markets.
The sentiment shift came after the International Energy Agency (IEA) said it would convene an extraordinary meeting of its member countries to consider releasing emergency oil reserves.
Bitcoin climbed above $71,500 for the first time since Thursday, before easing back to the current $71,300, up 3.2% over the past 24 hours. The broad market CoinDesk 20 Index was up by a similar amount, with XRP (XRP), , and Hyperliquid’s native token (HYPE) leading gains among major crypto assets.
WTI crude oil extended its decline on the news, dropping to $82…
