Bitcoin Jumps 6% to $81K as Oil Crisis Lifts Bond Yields

Bitcoin pushed back above $80,000 at Friday’s Wall Street open, reaching local highs of $81,034 on Bitstamp as a worsening fuel crisis sent US bond yields climbing again.

Shorts caught above spot

The 6% daily move ran straight into a cluster of short positions stacked just above the spot price.

CoinGlass put cumulative cross-crypto short liquidations near $250 million over a four-hour stretch.

US WTI crude had slipped to $94.80 per barrel before turning higher through the Asian session, trading around $98 at the time of writing.

IEA warns on supply

The International Energy Agency said in a Friday report that countries may have no choice but to cut usage, having already released 400 million barrels from emergency reserves in March when the Strait of Hormuz closed.

The agency wrote:

“Prices for crude and oil products had eased from their April peaks in the months that followed as emergency IEA stocks were released, Strait of Hormuz bypass routes boosted Middle East exports, producers outside the region raised output, flows out of the Persian Gulf partially recovered and global demand softened.”

It went on:

“But if Gulf supplies remain constrained in the coming months and commercial inventory buffers continue to deplete rapidly, higher prices and further demand reductions may be required to close the supply-demand gap.”