Bitcoin Price Drops. Why Oil Prices Could Dictate What Happens Next for Cryptos. — Barrons.com
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By Alex Kozul-Wright
The prices of Bitcoin and other major cryptocurrencies were mixed early Monday, as digital-asset investors continued to assess the outlook for financial markets amid a spiking oil price and escalating war in Iran.
Bitcoin was trading at $67,140, down 0.2% over the past 24 hours, according to CoinDesk data. During that period, it hit a high of $68,093. Popular alt-coin XRP also fell, by 1.8%, while Ethereum, the world's second largest cryptocurrency, was up 0.9%.
In the days following the outbreak of war in Iran, cryptocurrencies initially rallied. However, broader risk sentiment started to flag as the prospects of a short conflict waned. Early Monday, S&P 500 futures were down 1.7% while futures for the Dow Jones Industrial Average fell 1.9%.
"Crude's sharp weekly advance has pushed inflation expectations higher and led markets to scale back the probability of near-term Federal Reserve easing," said Nexo analyst Iliya Kalchev in a note. Brent crude and West Texas Intermediate oil futures are both trading at over $100 a barrel.
He added that: "Financial conditions are tightening not because policy has shifted, but because risk premiums have expanded."
Cryptocurrencies could be negatively impacted if investors continue to pull back from risk assets.
Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
source: https://www.tradingview.com/news/DJN_DN20260309001393:0/
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