Bitcoin Magazine Bitcoin Slides Towards $81,000 as Oil Above $110 Revives Rate-Hike Bets
Bitcoin’s price on Thursday slid — erasing the gains it made earlier in the week — after oil prices jumped.
The largest cryptocurrency was down by nearly 4% over a 24-hour period on Thursday in New York, trading as low as $81,331 at one point.
On Wednesday, the price of the top cryptocurrency was fast closing in on $85,000 as investors piled back into tech stocks following Elon Musk’s SpaceX earnings .
But conflict in the Middle East pushed the oil price higher, spurring inflation fears with U.S. A surging oil price can — at least in the short-term — hurt the price of bitcoin and other “risk-on” assets because it increases the chances of the U.S. central bank raising interest rates.
Bitcoin has in the past done well with low interest rates because of increased liquidity, moving at times with tech stocks and the Nasdaq.
Source: Bitcoin Magazine
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