Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates
By Micah Zimmerman
AI summary of the source article
Bitcoin traded near $79,600 on Thursday morning as oil prices recovered and the Bank of England raised its benchmark interest rate to 4%. Meanwhile, U.S. spot bitcoin ETFs recorded $74.6 million in net inflows on Wednesday.
Why it matters
That matters for the bitcoin price because energy has been the main channel from the Iran war into inflation and interest rates. Cheaper crude eases pressure on the Federal Reserve. A rebound does the opposite.
Key facts
- Bitcoin traded near $79,600 on Thursday with a market cap of about $1.60 trillion and $35.2 billion in 24-hour trading volume.
- The Bank of England's Monetary Policy Committee voted 8-1 to raise the Bank Rate by a quarter point to 4%.
- U.S. spot bitcoin ETFs took in net inflows of $74.6 million on Wednesday, ending three consecutive sessions of outflows totaling roughly $1.16 billion.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates Bitcoin price slipped back below $80,000 on Thursday morning. This post Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates first appeared on Bitcoin Magazine and is written by Micah Zimmerman .