As the XTI/USD chart shows, the price of a barrel rose above $65 yesterday, reacting to the risk of talks between Iran and the United States on the nuclear deal breaking down. These negotiations could begin on Friday.

According to Axios, Arab world leaders have urged Donald Trump not to follow through on his threats to withdraw from the talks and shift towards military action after demands put forward by Iran. This news prompted a pullback in prices below $64.

The news backdrop is further complicated by conflicting reports regarding India’s refusal to purchase Russian oil, alongside other global factors. All of this is contributing to heightened volatility in the oil market, a trend also confirmed by the ATR indicator.

Technical Analysis of XTI/USD

On 14 January, we:

→ analysed swings in WTI crude prices to identify a breakout from a descending channel (shown in red) and outline an upward trajectory (shown in blue);
→ noted that the breakout level (around $58.35) was acting as support;
→ suggested that the market was vulnerable to a corrective move.

Indeed, on the same day (as indicated by the blue arrow), the price formed a bearish impulse towards this support, where the market found some balance.

However, geopolitical developments since the second half of January have supported higher prices, providing grounds to draw a broad ascending channel (shown in purple). In this context:

→ its lower boundary is acting as support, with the long lower wick on the 3 February candle confirming aggressive buying interest;
→ the $65 level appears to be a key resistance. Broad price swings formed there on 29–30 January — a sign of “smart money” activity — after which prices declined. Yesterday, the market again reversed sharply from this level.

It is therefore reasonable to assume that this resistance will pose a significant hurdle for bulls if they attempt to keep prices within the ascending purple channel. At the same time, the further direction of WTI oil price movements will most likely be determined by developments surrounding Friday’s Iran–US nuclear talks in Oman.

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Crypto-linked payment cards have become one of the fastest-growing bridges between stablecoins and everyday commerce, according to Artemis, a blockchain analytics firm.

In a Jan. 15 research report compiling estimates from on-chain settlement data and card network disclosures, Artemis found that monthly crypto card volume surged from about $100 million in early 2023 to more than $1.5 billion by late 2025.

“Annualized, the market now exceeds $18 billion, rivaling peer-to-peer stablecoin transfers ($19 billion), which grew just 5% over the same period,” the report reads.

While crypto cards can be funded with a range of assets, the report notes that Circle’s USDC and Tether’s USDT account for nearly 96% of deposited collateral on cards issued via Rain, an infrastructure platform that enables businesses to issue Visa cards.

Visa has also emerged as the dominant payment network in the sector, capturing more than 90% of on-chain card volume despite having a similar number of programs as Mastercard. As Artemis explains, this divergence is likely thanks to Visa’s “early partnerships with infrastructure providers.”

Visa’s stablecoin-linked card spending alone reached a $3.5 billion annualized run rate in late 2025, growing about 460% year over year, according to the report.

A geographic breakdown of stablecoin usage shows India and Argentina as “true global outliers,” where USDC accounts for 47.4% and 46.6% of usage, respectively.

By comparison, USDT dominates stablecoin activity across most other markets, including Turkey, China and Japan, according to the data.

However, even with the rapid growth of crypto cards, Artemis doesn’t expect direct crypto acceptance to fully replace card networks in the near term, citing their “slow relative growth in volume in comparison to cards.”

Bitcoin clawed its way back above $71,000 on Thursday after a sharp selloff earlier in the day dragged prices briefly below the $70,000 mark, mirroring tentative stabilization across global markets.

The move came as a broader rout in technology stocks showed signs of fatigue. Futures tied to the Nasdaq 100 edged higher after two bruising sessions that erased the index’s gains for the year, while European stocks steadied and Asian markets trimmed losses.

Bitcoin had fallen as much as 7% over the previous 24 hours as investors reduced risk across assets tied to growth and leverage. The slide coincided with renewed pressure in precious metals, where silver plunged as much as 17%, extending a brutal reversal after last month’s record rally.

Gold also slipped, underscoring how quickly speculative trades across markets have been unwound.

In crypto, the bounce above $71,000 appears more like short covering than a renewed rush of buyers. Trading volumes remain elevated, but demand in the spot market has thinned, according to analysts.

Stablecoin balances on exchanges have also been drifting lower, suggesting fresh capital is staying on the sidelines rather than stepping in aggressively on dips.

Macro uncertainty continues to weigh on sentiment. Investors are recalibrating expectations around US interest rates amid speculation over Federal Reserve leadership and the risk of a stronger dollar, which typically pressures assets like bitcoin that thrive on easy liquidity.

Some firms remain cautious. Galaxy Digital has warned that, without a clear catalyst, bitcoin could still revisit lower levels if selling resumes.

Others see the bulk of the drawdown as already behind the market, with estimates clustering around a potential bottom in the low-to-mid $60,000 range.

US-based spot Bitcoin exchange-traded fund (ETF) holders are showing relatively firm conviction despite a four-month Bitcoin downtrend, according to ETF analyst James Seyffart.

“The ETFs are still hanging in there pretty good,” Seyffart said in an X post on Wednesday.

While Seyffart said that Bitcoin (BTC) ETF holders are facing their “biggest losses” since the US products launched in January 2024 — at a paper loss of around 42% with Bitcoin below $73,000 — he argues the recent outflows pale in comparison to the inflows during the market’s peak. 

Bitcoin ETF holders are “underwater and collectively holding.”

Before the October downturn, spot Bitcoin ETF net inflows were around $62.11 billion. They’ve now fallen to about $55 billion, according to preliminary data from Farside Investors.

“Not too shabby,” Seyffart said. 

Meanwhile, investment researcher Jim Bianco said in an X post on Wednesday that the average spot Bitcoin ETF holder is 24% “underwater and collectively holding.”

Bitcoiners are being “very short-sighted.”

Crypto analytics account Rand pointed out in an X post on Tuesday that this is “the first time in history there have been three consecutive months of outflows.”