Name: Bitcoin trades near $93,000 amid Venezuela headlines
Uploaded: 2026-01-05T15:07:11.809Z
Duration: 2 min 34 s
Description: CNBC’s MacKenzie Sigalos reports on the oil-to-inflation link crypto is keying off, plus the short-liquidation burst that helped bitcoin reclaim its 50-day moving average.

CNBC’s MacKenzie Sigalos reports on the oil-to-inflation link crypto is keying off, plus the short-liquidation burst that helped bitcoin reclaim its 50-day moving average.

Bitcoin traded close to $93,000 as the broader cryptocurrency market experienced gains, following news related to Venezuela. Traders speculated that the U.S. capture of the Venezuelan president could lead to increased oil supply, potentially lowering energy prices and easing inflation concerns, which is considered positive for risk assets like cryptocurrencies.

Venezuela's history as an early crypto adopter, both among citizens and the government, was highlighted as a factor in market sentiment. The recent price surge also triggered short liquidations and was seen as a sign of a risk-on environment, benefiting not only Bitcoin but also other major cryptocurrencies such as Ethereum, Solana, and XRP.

Bitcoin trades near $93,000 amid Venezuela headlines

We are checking the crypto market. You can see higher across the board Bitcoin and others rising after this weekend's events. Mackenzie Sagalos is here to talk about the price action in the crypto market. Mack, good morning. Hey, good morning, Frank. So after months of tepid price action, traders are betting that the U.S. capture of the Venezuelan president could ultimately bring more oil to global markets. Venezuela is sitting on an estimated $17 trillion worth of untapped crude. And if that oil starts flowing again, it adds supply, puts downward pressure on energy prices and eases inflation fears. That is bullish for risk assets like crypto. Now, Bitcoin isn't an oil hedge, but it is sensitive to the same macro forces that oil drives, inflation rates and liquidity. When oil shocks feel inflationary, Bitcoin trades like a high beta risk asset, not digital gold. But when crude rolls over, Bitcoin benefits as risk appetite improves. Now, in terms of technicals, Bitcoin has reclaimed its 50 day moving average, a level that traders watch to gauge short term momentum. The recent upswing also triggered a wave of short liquidations over the weekend as bearish bets were wiped out in the rally. It is a sharp contrast to the Iran strikes last summer when fears of a straight of harm use closure sent crypto tumbling. This time, though, the prospect of more supply on the horizon is being read as disinflationary and risk on. All right. I want to talk to you about Venezuela a bit. You've done some reporting on this. Venezuela has been an early adopter of crypto as a currency and use of it. Does this create a tailwind for crypto adoption, not only in Venezuela, but just more broadly? So there is a second order of crypto effect here, where since for going back a decade now, my reporting was back in 2017 because of spiraling inflation of the Bolivar. A lot of people had turned to crypto currencies, mining Ethereum and Bitcoin in their homes in order to just have a stable source of cash. But the other side of this is the fact that there are multiple reports that the government itself has been looking to evade sanctions by doing sales of oil in tether, which they then move into Bitcoin. And so much of this market moves on sentiment. So even the promise that perhaps the U.S. government, when they came in, might seize these assets, hold on to it. That's a bull case for Bitcoin if you have a stockpile such as that that isn't being liquidated. All right. Very interesting stuff. Very quickly, we've got to go. Is it a tailwind for just Bitcoin or also Ethereum, Solana and some of these other coins? It's a rising tide lifts all ships. In fact, XRP has had outsized performance. And when you see one altcoin do particularly well, it really is one of these signs of a risk on environment. All right. Mackenzie Galos, great to see you as always. Thank you very much.

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