Bitcoin recovers from Asian-session lows as falling oil price supports risk appetite
Bitcoin prices have recovered to near $86,000, supported by strong ETF inflows and a decline in global oil prices. The broader cryptocurrency market remains buoyant, though analysts note that recent rallies in memecoins may indicate increased speculative behavior.
Why it matters
The recovery of Bitcoin and the influx of institutional capital via ETFs signal shifting investor sentiment and potential impacts on broader financial markets.
The largest cryptocurrency recently traded near $86,000 after recovering from Asian-session lows of around $85,000. Prices convincingly broke above the May high on Monday, reinforcing the bullish trend. The CoinDesk 20 Index (CD20) rose 2.2% over 24 hours.
U.S.-listed spot bitcoin ETFs attracted nearly $1 billion in inflows on Monday, their largest single-day haul since October last year.
WTI crude futures fell more than 2% to below $90 a barrel, extending their retreat from a recent high of $106. The decline followed a Kyodo report that Iran was willing to reopen the Strait of Hormuz within seven days if the U.S. eased its blockade.
Lower oil prices could help ease inflationary pressures and weaken the case for additional Federal Reserve interest-rate increases in the coming months.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in