#FedHoldsRates #crptonews First gold and silver, now oil is starting to rally and that's bad news for bitcoin
Higher oil prices could add to inflation, making it harder for the Fed to cut rates rapidly.WTI and Brent oil prices have surged by 12% this month.
Higher oil prices could add to inflation, making it harder for the Fed to cut rates rapidly.
BTC bulls are hopeful that rate cuts would arrive soon, lifting the market higher.
For bitcoin
BTC
$87,807.68
bulls, it feels like one setback after another. First precious metals like gold and silver surged to record highs, sucking capital away from the crypto market. And now oil's starting to surge too, threatening to skew macroeconomic forces in favor of bitcoin bears.
The per barrel price for the West Texas Intermediate (WTI) crude, a type of light, sweet crude from Texas fields serving as benchmark for North American energy pricing, has risen by 12% to $64.30 this month. That's the highest price since September. It's European and international benchmark, Brent, has seen a similar rise to $68.22.This is bad news for bitcoin bulls counting on steady inflation and lower interest rates in the U.S. and other parts of the world to reignite the rally. Bitcoin peaked above $126,000 in early October and has since dropped to under $90,000.