Bitcoin climbs past $71,000 as oil shock fears continue to ease

The International Energy Agency (IEA) on Tuesday said it will convene an extraordinary meeting of its member countries to consider releasing emergency oil reserves. What to know : Cryptocurrencies rallied as easing fears of an oil supply shock, helped by the IEA’s move toward a possible release of emergency reserves, lifted risk sentiment across global markets. Bitcoin climbed above $71,500 at one point during Tuesday morning U.S. trading hours and major tokens like XRP, dogecoin, SUI and HYPE also advanced. Bitcoin is showing signs of decoupling from software and tech stocks, holding up better than equities during recent macro turbulence — a "cautiously optimistic" sign, one analyst said.