Key takeaways
- Bitcoin surpassed $91,000, reaching its highest value since December 12.
- Bitcoin’s rally has influenced the broader crypto market, with other cryptocurrencies like Ether, XRP, BNB, and Solana also posting gains.
Bitcoin rallied above $91,000, to the surprise of many who expected a bigger pullback following the US military intervention in Venezuela and Trump’s speech on the situation on Saturday.
The leading crypto asset is trading at $91,346 per CoinGecko, after rebounding to $90,000 on Friday and remaining stable despite Saturday’s geopolitical volatility. It is now at its highest level since December 12.
Altcoins joined the rally, with Ethereum, XRP, BNB and Solana all posting gains. Over the past 24 hours, the total crypto market cap increased by 1%, reaching $3.2 trillion. MYX Finance, TRON, and Dogecoin have been notable performers during this period.
Trump told reporters on Saturday that the United States would supervise Venezuela until a safe transition of power was possible, after claiming that Venezuelan leader Nicolás Maduro and his wife had been captured.
Maduro is being held in New York and is due in court on Monday on narcoterrorism charges, according to the BBC.
The crypto market is the only active place for price discovery this weekend. But the biggest market reaction is expected in the oil sector, where investors may begin to factor in higher geopolitical risk. Any disruption to Venezuelan exports or fears of regional instability could support crude prices in the near term, even if there is no immediate supply shock.
Trump’s strategy focuses on deploying U.S. oil majors to repair the country’s dilapidated energy infrastructure, promising a lucrative return for both countries.
Commenting on Trump’s plans, Russian billionaire Oleg Deripaska said taking control of Venezuela’s oil fields could give the United States effective influence over more than 50% of the world’s reserves.
Venezuela’s deposits are estimated at around 303 billion barrels, the largest in the world and equivalent to around a fifth of the world’s proven reserves.