Bitcoin Falls as Oil Prices Rise on Energy Shortage Fears
Cointelegraph
Bitcoin dropped nearly 2% as oil prices surged almost 20% due to fears of supply disruption from the escalating Middle East conflict.Summary
Bitcoin experienced a nearly 2% drop on Sunday, falling from $66,960 to $65,725, coinciding with a sharp surge in oil prices. Oil futures rose almost 20%, hitting $113.7 per barrel—the highest since April 2022—following warnings from Iraq about potential disruptions to 3 million barrels per day of production due to Iranian threats against tankers in the Strait of Hormuz. This followed a week where oil prices rose over 30% after US and Israeli strikes against Iran. Despite Bitcoin climbing last week amid the conflict, it has since fallen for four consecutive days. Former President Trump expressed confidence that the oil price surge would be short-lived and stated the US has a tremendous amount of oil reserves.
(Source：Cointelegraph)