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Bitcoin trades around $67,000 as oil prices surge
Bitcoin traded largely unchanged during the Asian session on Monday after declining over the weekend, as the escalation of the conflict between the United States, Israel, and Iran drove oil prices sharply higher and unsettled global markets.
The world’s largest cryptocurrency was last up 0.3% to $67,226.8 at 03:53 GMT, after earlier falling below $66,000 during the session.
Bitcoin ended last week with gains, unlike many other risk assets, but lost momentum over the weekend.
Oil prices surged sharply on Monday, with crude jumping above $110 per barrel.
The spike followed intensified military clashes between U.S. and Israeli forces and Iran, which raised concerns about prolonged disruptions to oil supplies through the Strait of Hormuz, a key global shipping route.
The sharp rise in energy prices has renewed global inflation concerns and complicated the outlook for major central banks, which were expected to gradually ease monetary policy later this year.
Bitcoin is often traded as a high-beta risk asset during periods of macroeconomic uncertainty, meaning it tends to fall when investors move away from riskier investments.
Asian stocks fell sharply at the start of trading on Monday, while Wall Street futures dropped more than 2%.
The cryptocurrency’s weekend losses also reflect the fact that digital asset markets trade 24/7, allowing investors to react immediately to geopolitical news even when traditional financial markets are closed.
Other major cryptocurrencies posted modest gains. Ethereum rose 1.5% to $1,977.50, while XRP increased 0.2% to $1.35.
See also: "Altcoins to watch this week"
