Bitcoin Tops $79,000 Then Falls as Oil Jumps to $94

Bitcoin briefly climbed above $79,000 Wednesday morning, its highest level in 11 weeks, then fell to about $77,300 by afternoon after crude prices rose and international energy officials issued a security warning.

The early rally followed President Trump’s announcement that the United States would extend a ceasefire with Iran until Tehran submits a unified proposal. Bitcoin crossed $79,000 in morning trading on that announcement before retreating as oil futures rose roughly 4% to $94 a barrel and equity futures moved lower.

International Energy Agency leadership warned of an unprecedented threat to energy security, warning, “We are facing the biggest energy security threat in history.” Traders cited the comments and higher crude prices as factors prompting risk-off flows across markets.

Crypto market activity showed mixed signals on the session. Ether fell about 3% to roughly $2,330, while other major tokens traded lower. Bitcoin-focused exchange-traded funds reported $336 million in net inflows on Tuesday, and ether ETFs recorded about $96 million, reflecting institutional buying earlier in the week.

At a Senate hearing, Admiral Samuel Paparo, commander of U.S. Indo-Pacific Command, disclosed that the U.S. government is operating a Bitcoin node and running network security tests using the protocol. He described Bitcoin as “a peer-to-peer, zero-trust transfer of value” and added that proof-of-work can impose physical costs on attackers, providing computer-science applications for cybersecurity.

American Bitcoin activated 11,298 miners at its Drumheller, Alberta facility, bringing total fleet capacity to 89,242 machines. The company reported holding roughly 7,000 BTC in its treasury and its shares rose more than 12% after the update. GSR launched an actively managed multi-asset crypto ETF on Nasdaq that provides exposure to Bitcoin, Ethereum and Solana with weekly rebalancing.

Developer André Cronje introduced a programmatic “circuit breaker” module for his Flying Tulip protocol designed to limit capital outflows during abnormal withdrawal events. In litigation developments, entrepreneur Justin Sun filed a federal lawsuit in California on April 21 against World Liberty Financial, alleging a hidden blacklist function was used last year to freeze about 2.9 billion WLFI tokens; WLFI has disputed the claim and said it will contest the case.

By late Wednesday, Bitcoin was trading near $77,300.