Bitcoin Slides Towards $81,000 as Oil Above $110 Revives Rate-Hike Bets

Bitcoin Magazine Bitcoin Slides Towards $81,000 as Oil Above $110 Revives Rate-Hike Bets Bitcoin’s price on Thursday slid — erasing the gains it made earlier in the week — after oil prices jumped. The largest cryptocurrency was down by nearly 4% over a 24-hour period on Thursday in New York, trading as low as $81,331 at one point. On Wednesday, the price of the top cryptocurrency was fast closing in on $85,000 as investors piled back into tech stocks following Elon Musk’s SpaceX earnings. But conflict in the Middle East pushed the oil price higher, spurring inflation fears with U.S. A surging oil price can — at least in the short-term — hurt the price of bitcoin and other “risk-on” assets because it increases the chances of the U.S.

First reported by Bitcoin Magazine. This page is a short excerpt; the full text is theirs.