Bitcoin (CRYPTO: BTC) tapped $69,000 on Monday morning after oil retraced back below $110, following the G7 and IEA’s announcement about the largest coordinated strategic oil reserve release in history.

The Historic Oil Intervention

The G7 and International Energy Agency announced the release of 400 million barrels of oil from strategic reserves, representing nearly 30% of the IEA’s total 1.2 billion barrel stockpile.

The emergency meeting was called to combat a severe supply shock following escalation of the Iran crisis.

Oil prices plunged 11% in one hour after the announcement.

The intervention targets oil prices that surged above $100 a barrel amid conflict involving Iran, the United…

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