Bitcoin (BTC) Moves Higher as Oil Prices Plunge
Bitcoin (BTC) and other cryptocurrencies are moving higher as crude oil prices plunge 7% on May 25.
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Bitcoin, the largest cryptocurrency by market capitalization, is at $77,500 in late-day trading after falling below $75,000 over the weekend. While the U.S. market is closed for the Memorial Day holiday, cryptocurrencies trade around the clock: 24 hours per day, seven days a week.
BTC has been stuck at $77,000 over the past week as investors remain on the sidelines with crypto. But now, digital asset prices are inching higher on hopes that the U.S. and Iran are close to reaching a deal that will reopen the Strait of Hormuz shipping lane, where 20% of the world’s crude oil is shipped.
Risk Assets Shine
Signs that the Strait of Hormuz may soon reopen to commercial shipping has sent oil prices down 7%, with Brent crude, the international benchmark, once again trading below $100 a barrel. Lower oil prices have taken pressure off risk assets such as crypto. As a result, Bitcoin and Ethereum (ETH) are each up more than 1% on May 25.
Despite the tentative recovery, some analysts remain cautious about Bitcoin, noting that more than $2 billion has flowed out of BTC exchange-traded funds (ETFs) over the past two weeks. Crypto has come under pressure not just from high crude oil prices, but also from rising U.S. Treasury yields and a strengthening U.S. dollar.
Bitcoin’s Price Movement
After bottoming at $60,000 in February of this year, Bitcoin’s price has been slowly climbing higher. Over the past three months, BTC has increased 14% to trade just above $77,000. The largest cryptocurrency was at an all-time high of $126,000 last October.
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