Live updates: Bitcoin nears $65,000 as oil, inflation hopes keep macro bid alive
Bitcoin is approaching the $65,000 mark, driven primarily by macroeconomic optimism rather than internal crypto-market demand. The asset's price trajectory is currently tied to potential declines in oil prices, inflation, and Treasury yields, alongside its strong correlation with the S&P 500.
Why it matters
Bitcoin's increasing sensitivity to traditional macroeconomic indicators highlights its transition into a risk-on asset that reacts more to global financial policy than to crypto-specific developments.
The bid under bitcoin is coming from macro hopes rather than fresh crypto demand. President Donald Trump pointed to strong employment, better manufacturing data and cooling inflation, while also raising the possibility of a deal to reopen the Strait of Hormuz.
A reopening would likely pressure oil lower, easing inflation worries and giving Treasury yields and the dollar room to fall. That is the setup risk assets want, and bitcoin is trading like some of it may arrive.
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