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Bitcoin falls below $70K as oil prices surge
Bitcoin fell below the $70,000 mark on Thursday but held support as investors remained cautious following another spike in oil prices amid escalating tensions in the Middle East.
The world’s largest cryptocurrency was trading down 0.7% at $69,454 as of 05:14 GMT.
Bitcoin appears to be consolidating near the $70,000 level as markets digest geopolitical developments.
Oil jumps back toward $100 per barrel, fueling inflation concerns
Oil markets became the primary driver of risk sentiment. Brent crude climbed above $100 per barrel after retreating from Monday’s surge to $120, the highest level in nearly two years.
The latest escalation in the Middle East included attacks on two fuel tankers in Iraqi territorial waters and strikes on commercial vessels passing through the Strait of Hormuz, a key chokepoint for global oil supplies.
Roughly one-fifth of the world’s oil supply passes through the Strait of Hormuz, and tanker traffic has nearly halted due to security concerns.
Rising energy prices have reignited concerns about global inflation just as central banks were beginning to consider easing policy. Analysts say sustained oil prices above $100 could complicate the U.S. Federal Reserve’s path toward rate cuts and put pressure on risk-sensitive assets such as cryptocurrencies.
In recent months, Bitcoin has often moved in tandem with broader risk assets, and traders fear that a new inflation shock could negatively affect liquidity.
Investors are also awaiting key U.S. economic data for clues about the outlook for Federal Reserve policy.
Weekly jobless claims data are expected later on Thursday, while the U.S. Personal Consumption Expenditures (PCE) price index — the Fed’s preferred inflation gauge — is scheduled for release on Friday.
Crypto prices today: altcoins mostly unchanged
Most altcoins traded largely unchanged on Thursday amid risk-averse sentiment.
The world’s second-largest cryptocurrency, Ethereum, rose 0.2% to $2,027.84.
The third-largest cryptocurrency, XRP, fell 1% to $1.37.
Solana declined 0.5%, while Cardano and Polygon remained mostly stable.
Among meme tokens, Dogecoin fell 0.2%.
See also: "Bitcoin falls below $70,000 amid the conflict with Iran and CPI data"
