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BTC Bitcoin breaks through US$66,000, following slowing inflation data, rising ETF demand and geopolitical conditions
Why did crude oil prices rise?
Markets are responding in real time to the conflict between Iran and the United States, with oil prices rising 20% this month.
President Donald Trump threatened Iran on Truth Social to retaliate for a July 17 drone attack that killed U.S. soldiers. Today, Iran reported a cruise missile strike on an Amazon data center in Bahrain as part of a campaign to undermine U.S. infrastructure.
"Every time Iran kills an American soldier, they will pay several times the price! This order has been conveyed to Secretary of War Pete Hegsese, Chairman of the Joint Chiefs of Staff Daniel Kane, and every leader in the military."-- President Donald J. Trump's
Brent crude oil futures are currently trading at $91.58, the highest level since early June. Yesterday, the Houthi armed forces allied with Iran announced a maritime embargo on Saudi Arabia, threatening Red Sea oil exports. The Red Sea route has been an important channel for oil supply after the closure of the Strait of Hormuz, further exacerbating the situation.
What does this mean for Bitcoin
The rise in crude oil prices has led to expectations that inflation will intensify, limiting the Fed's room to cut interest rates. High interest rates make cash and U.S. Treasuries more attractive, often having a negative impact on Bitcoin.
However, Bitcoin is currently rising in sync with crude oil prices, and the latest developments in the war may have been absorbed by the volatile crypto market. Bitcoin, which fluctuated between $63,100 and $65,666 earlier in the day, has now risen to $66,670, maintaining a five-week high.
On July 20, the inflow of spot ETF funds reached US$227 million, providing a solid support foundation for bulls.
However, it remains to be seen whether Bitcoin can continue to rise in this environment. If history is any guide, long-term maintenance of crude oil prices above US$90 is likely to weaken market sentiment in Bitcoin.
