Bitcoin Slides Towards $81,000 as Oil Above $110 Revives Rate-Hike Bets
By Mathew Di Salvo
AI summary of the source article
Bitcoin fell nearly 4% on Thursday to trade as low as $81,331 as rising oil prices renewed inflation concerns. The drop erased earlier gains that had pushed the cryptocurrency toward $85,000 on Wednesday.
Why it matters
A surging oil price can hurt the price of bitcoin and other risk-on assets "because it increases the chances of the U.S. central bank raising interest rates."
Key facts
- Bitcoin fell nearly 4% over 24 hours on Thursday, trading as low as $81,331.
- The cryptocurrency had approached $85,000 on Wednesday following SpaceX earnings and tech stock gains.
- Middle East conflict and Houthi attacks on Saudi Arabia drove oil prices higher, increasing U.S. inflation concerns.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Bitcoin Slides Towards $81,000 as Oil Above $110 Revives Rate-Hike Bets Bitcoin is currently in so-called Uptober, a month when the asset is supposed to rally. But it’s being held back — at least for now. This post Bitcoin Slides Towards $81,000 as Oil Above $110 Revives Rate-Hike Bets first appeared on Bitcoin Magazine and is written by Mathew Di Salvo .