Bitcoin falls amid rising oil prices!
The world’s largest cryptocurrency fell 1.56% to $82,914.4.
Bitcoin’s price fell sharply on Thursday. The world’s largest cryptocurrency dropped 1.56% to $82,914.4. During the day, Bitcoin fell as low as $82,300.5, reaching its lowest level in 3 weeks.
The decline was not limited to Bitcoin. The sell-off in the cryptocurrency market also affected other major assets. Ether fell 2.2% to $2,558.85, while XRP declined 5.2%, Cardano 2.4%, BNB 0.3%, and Solana 3.3%.
Experts attribute the pressure on the market mainly to rising oil prices and higher U.S. Treasury yields. Higher oil prices have increased concerns about global inflation and weakened investors’ appetite for risky assets. At the same time, expectations that the U.S. Federal Reserve could maintain a tight monetary policy to fight inflation have also put pressure on Bitcoin. Higher interest rates make investments in risky assets less attractive.