News

Visa integrates a bitcoin-compatible platform to support AI-driven payment services, with the platform technically supported by the Lightning Network. (The Bitcoin Historian)

BlockBeats news, March 20, according to CoinDesk, several major economies announced joint actions on Friday to stabilize the energy market. Bitcoin rebounded as oil prices fell, briefly rising to $70,800, up more than 1% on the day, continuing its recovery from the previous overnight low below $68,900. Mainstream coins such as Ethereum, XRP, and SOL saw gains of less than 1%, clearly underperforming Bitcoin. Regarding oil prices, the United Kingdom, France, Germany, Italy, the Netherlands, and Japan issued a joint statement announcing measures to stabilize the energy market and joining coordinated actions to ensure shipping safety in the Strait of Hormuz. The six countries condemned Iran's attacks in the joint statement released by the office of UK Prime Minister Starmer and urged Iran to stop immediately. As a result, WTI crude oil fell nearly 2% to $93.80 per barrel, and Brent crude oil dropped by a similar margin. Earlier this week, US Treasury Secretary Besent said the US may soon lift sanctions on Iranian oil tankers and is considering releasing strategic oil reserves. However, the brief decline in oil prices did not eliminate market uncertainty. Mott Capital Management stated that WTI is still holding an important support level, which aligns with previous highs and short-term trends. As long as oil prices remain above this support, the upward bias may continue, and the structure of positions in the options market suggests there is still further upside potential for oil prices. In the stock market, the S&P 500 index closed below the 200-day moving average on Thursday for the first time since May last year, indicating momentum has turned bearish. If risk aversion in the stock market intensifies, it could further drag down the crypto and broader financial markets.

ChainCatcher news, according to Golden Ten Data, European Central Bank Governing Council member Nagel stated that if price pressures further intensify due to the Iran conflict, the European Central Bank will need to consider raising interest rates next month.