Live updates: Bitcoin flat at $64,300 before US jobs report, with oil back as a headwind
Bitcoin remains stagnant at $64,300 as rising oil prices and geopolitical tensions in the Strait of Hormuz fuel inflation concerns. Investors are now focused on the upcoming US jobs report, which will determine whether the Federal Reserve maintains its current interest rate stance or shifts toward easing.
Why it matters
The article highlights how macroeconomic factors like energy prices and labor data continue to dictate the performance of risk assets like Bitcoin, illustrating the ongoing correlation between traditional finance and digital assets.
The setup turned slightly less friendly overnight. Brent rose 1.4% to $83.61 after reports Iran will try to restrict US and Israeli ships through the Strait of Hormuz and demand compensation from countries it deems hostile before letting them pass, stalling the deal that had been pulling oil lower. Higher crude revives the inflation worry that keeps the Fed leaning tight, and the 10-year Treasury yield climbed seven basis points on it during the US session.
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