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Brent jumps near $91, but Bitcoin holds above $66,000
Bitcoin stayed bid despite oil's renewed surge, with traders reportedly weighing diplomacy or supply moves to pull Brent lower before it feeds into inflation expectations.
Bitcoin traded above $65,000 earlier in the session, logging an intraday high of $65,666 and a low of $63,100, as Brent crude futures climbed to $91.42 on July 20, their highest level since June 11. Brent later eased to $88.28 after mediators floated a 10-day US-Iran ceasefire proposal, but Bitcoin was still around $66,313 at press time, alongside Brent near $90. CryptoSlate reports the market linkage between oil and inflation remains intact, and it suggests traders are treating the latest energy premium as potentially short-lived. The rationale is that diplomacy, restored tanker traffic, or additional supply could eventually pull Brent lower, reducing the need for a larger repricing in inflation, Treasury yields, and Federal Reserve policy. Oil is viewed as entering consumer prices through gasoline, diesel, jet fuel, and heating costs, then spreading through freight, food, and manufacturing via transport and power bills. Federal Reserve research cited by CryptoSlate estimates that a persistent 10% real oil-price increase adds about 0.15% to US headline inflation over four quarters, and 0.06 percentage point to core inflation, with longer duration carrying more policy weight than a one-day move. CryptoSlate also notes that investors have priced a higher federal funds rate path starting in 2026, which typically weighs on Bitcoin because cash and Treasury securities pay more while Bitcoin yields zero. The story adds that higher real rates, a firmer dollar, and tighter financing can reduce the appeal of volatile assets when the interest-rate outlook shifts.
Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%|Gasoline (RBOB) $3.114 ▼5.7%