Bessent allowed the sale of Russian oil – and Bitcoin jumped to $72,000. A new safe haven asset?

The US Treasury Secretary announced a temporary permit for the sale of “stuck” Russian oil – oil fell by $2, Bitcoin jumped to almost $72,000.

Thursday night presented the market with an unexpected story. US Treasury Secretary Scott Bessent published a post on X in which he announced: the Trump administration is temporarily allowing countries to buy Russian oil stuck at sea due to sanctions restrictions. The goal is to bring down the wave of oil prices accelerated by the Iranian conflict.

The market reacted immediately: WTI oil fell almost $2 a barrel, and Bitcoin – rather than following the traditional logic of “oil down = risk down” – jumped from $70,000 to levels near $72,000.

This is a small but fundamentally important point. Bitcoin did not move with oil or with the dollar – it moved as an independent asset, reacting to a decrease in geopolitical pressure. It is this behavior, repeated several times already in March, that fuels the “digital gold” narrative, which for many years remained only a theory.

What is happening with the crypto market right now

By Friday morning, Bitcoin is trading around $70,242–$70,751 – a pullback after the overnight surge, but above the key zone of $69,500–$70,000. ETH is holding at $2,081 (+1.34% over 24 hours). Spot ETFs recorded $450 million in net inflows for three straight days, a robust turnaround after a two-week period of outflows.

There are three big topics on the radar today: MicroStrategy made a record one-day purchase of BTC, Zcash soared on the back of $25 million in ZODL funding, and Eightco raised $125 million from Bitmine, ARK Invest and Kraken – details in our news today, subscribe so you don’t miss out.

📌 Key facts
▸ BTC: $70,242–$70,751 (+0.64% in 24 hours) | Overnight surge to $72,000 after Bessent’s announcement
▸ ETH: $2,081 (+1.34%) | WTI oil: -$2/bbl. after permission for Russian oil
▸ ETF inflows: $450 million for 3 days in a row – the end of the outflow streak
▸ MicroStrategy: record one-day purchase of 4,100+ BTC (March 12)
▸ Trending today: ZEC (+10%), ORBS (Eightco), BMNR (Bitmine)
▸ Next catalyst: FOMC March 18 – Fed rate decision

How does this news affect the cryptocurrency market

If Bitcoin closes the day higher again amid a macro shock weighing on traditional assets, the digital gold narrative will gain a new generation of supporters – this time among institutional managers who are looking for uncorrelated assets. Five days before the FOMC: holding $70,000 is a bullish signal, losing the level is a signal of caution.

⚠️ The material is for informational purposes only and is not an investment recommendation.