Bitcoin Surpasses $91,000 Amid Geopolitical Tensions; Altcoins Rally
Bitcoin Surpasses $91,000 Amid Geopolitical Tensions
Bitcoin's price has surged beyond $91,000, reaching its highest level since December 12. This rise follows geopolitical developments in Venezuela and comments made by former US President Donald Trump regarding the situation.
Key Takeaways
- Bitcoin's value increased, influencing the broader cryptocurrency market.
- Ethereum, XRP, BNB, and Solana also saw gains.
Bitcoin is currently trading at $91,346, according to CoinGecko, after rebounding to $90,000 on Friday and maintaining stability through Saturday despite geopolitical uncertainties. The leading cryptocurrency's upward movement has positively affected the altcoin market, with Ethereum, XRP, BNB, and Solana posting gains. The total crypto market capitalization has risen by 1% to $3.2 trillion over the last 24 hours, with MYX Finance, TRON, and Dogecoin among the standout performers.
In a recent statement, Trump announced that the US would oversee Venezuela until a secure transition of power is achievable, following reports that Venezuelan leader Nicolás Maduro and his wife have been detained. Maduro is currently held in New York and is expected to face court on narco-terrorism charges, as reported by the BBC.
While the crypto market remains the primary venue for price discovery over the weekend, significant market reactions are anticipated in the oil sector. Traders may begin to factor in increased geopolitical risks, potentially supporting crude prices even without immediate supply disruptions. Trump's strategy involves deploying US oil companies to revitalize Venezuela's energy infrastructure, promising financial benefits for both nations. Russian billionaire Oleg Deripaska commented that gaining control over Venezuela's oil fields could grant the US influence over more than half of global reserves. Venezuela's oil deposits are estimated at approximately 303 billion barrels, making them the largest globally.