At a Glance
- Bitcoin surged to a six-week high of $91,800 within hours of US strikes on Caracas
- Over $60 million in leveraged short positions were liquidated in one hour
- Trump says US will now control Venezuela’s 303-billion-barrel oil reserves
- Why it matters: Weekend-only crypto market is reacting instantly to geopolitical shockwaves that could ripple into oil futures when traditional markets reopen
Bitcoin erased its initial drop and rocketed to its strongest level since mid-December after explosions rattled Caracas and President Trump announced immediate US oversight of Venezuela’s oil infrastructure.
Weekend Crypto Spike
The largest digital asset bottomed near $88,800 when news of the strikes broke, then reversed to $91,800-a $3,000 intraday swing-before settling near $91,300. Leveraged bears took the brunt of the move; liquidations topped $60 million in 60 minutes, according to data tracker The Kobeissi Letter.
Most major tokens followed higher. Assets tied to Trump led the pack:
- WLFI leapt 14%
- TRUMP added nearly 7%
Oil Market Stakes
Venezuela holds 303 billion barrels of proven crude. Pricing that stash at Friday’s $57 per barrel values the reserves at roughly:
| Valuation Scenario | Total Worth |
|---|---|
| Market rate ($57) | $17.3 trillion |
| 50% discount sale | $8.7 trillion |
Analysts note the discounted figure still eclipses the GDP of every country except the US and China. Traders expect fireworks when oil futures open Sunday at 6 PM ET, given that crypto is the only major asset class trading live over the weekend.
Key Takeaways
- Bitcoin’s rebound highlights crypto’s role as a 24/7 geopolitical barometer
- Short sellers lost over $60 million during the rapid squeeze
- US control of Venezuelan oil could reshape global supply forecasts
- Traditional energy markets remain closed until Sunday evening, leaving volatility to spill into digital assets first
With crude futures yet to trade, all eyes are on Sunday night to see whether the historic reserve transfer jolts energy prices-and whether crypto’s weekend spike foreshadows wider market moves.
