Bitcoin price news: BTC manages quick gain as oil drops $3 per barrel
Bitcoin rebounded above $70,000 as oil prices declined, following in-line U.S. inflation data.Summary
Bitcoin reversed overnight losses, surging to nearly $71,000 after briefly falling to the $69,000 area. This increase coincided with a rapid drop in crude oil prices, which fell $3 per barrel. Other cryptocurrencies like ether, solana, and XRP also experienced similar gains. The market reaction followed the release of February's CPI report, which met expectations at 0.3% month-over-month and 2.4% year-over-year. However, the potential impact of the U.S.-Iran conflict on future inflation remains a key concern for the Federal Reserve. Analysts at 21shares believe the potential rise in next month’s data is already factored into Bitcoin’s price. Crypto-related stocks showed mixed performance, with some, like Strategy and Galaxy Digital, advancing while Coinbase and eToro saw slight declines.
(Source：CoinDesk)