Bitcoin BTC$85,880.89 remains in the hunt for further gains as falling oil prices join a growing list of tailwinds supporting the cryptocurrency.
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.
“The crypto market gained ground against the backdrop of a sharp rise in the Nasdaq index. Falling oil prices and US government bond yields, rising global stock markets and optimism regarding US-China negotiations supported risk appetite,” Alex Kuptsikevich, chief market analyst at The FxPro said in an email.
The broader cryptocurrency market also remained buoyant, with smaller tokens posting strong gains as bitcoin paused. PEPE, DOGE and SHIB are among the 10 best-performing cryptocurrencies over the past 24 hours. Sharp rallies in memecoins are often viewed as a sign of heightened speculative appetite.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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