Home›Crypto›Market Structure›Bitcoin slips as U.S.-Iran conflict lifts oil prices a…

Bitcoin slips as U.S.-Iran conflict lifts oil prices and inflation outlook

A Federal Reserve Bank of New York survey shows U.S. consumers expect inflation to rise to 3.7% over the next 12 months, up from 3.5% in May.

Reported · Written up by our desk · Market Structure

CoinDesk reports bitcoin is trading around $63,223 after conflicting inflation signals, as a renewed flare-up in the U.S.-Iran conflict has pushed oil prices higher. The newsletter points to earlier signs that inflation breakevens had fallen sharply, which analysts view as weakening the case for further Fed rate increases and potentially supporting BTC.

Still, the outlet highlights a Federal Reserve Bank of New York survey released Tuesday showing consumers expect inflation of 3.7% over the next 12 months, higher than 3.5% in May and the highest since September 2023. For the next three years, expectations climbed to 3.3%, the highest since June 2022, adding uncertainty about how inflation pressures will evolve.

CoinDesk also links market jitters to the collapse of the U.S.-Iran ceasefire, saying airstrikes resumed and oil benchmarks jumped by about 5%. The newsletter notes bitcoin fell back toward $62,000 and suggests further downside is possible if concern spreads to broader markets later today.

Separately, CoinDesk says traders are watching the minutes from the Fed’s June meeting, due later today, as they look for additional signals on the path for inflation and policy.

Latest closeBitcoin $63,409.10 ▼0.7%

More like this

Sources