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Bitcoin drops below $65,000 amid oil rally and Fed-hike odds near 40%
Bitcoin hit three-day lows around $64,799 on Bitstamp, as Brent crude topped $100 and CME FedWatch pushed July 25-basis-point odds toward 40%.
Bitcoin fell below $65,000 on Thursday, slipping to three-day lows near $64,799 on Bitstamp, as risk assets wobbled during renewed escalation tied to Iran.
Cointelegraph reported that US stocks weakened alongside the move, with the S&P 500 down 1.2% and the Nasdaq down 2.2% by the close of New York trading. Brent crude meanwhile climbed to more than $100 a barrel, its highest level since early June.
The report also pointed to rising expectations for tighter monetary policy ahead of the Federal Reserve’s next decision. According to CME Group’s FedWatch Tool, the probability of a 0.25% hike neared 40% on Thursday, compared with about 12% a week earlier.
Cointelegraph cited The Kobeissi Letter in noting that inflation expectations and interest rates were rising sharply again, alongside an uptick in US 10-year bond yields. It also said traders were split on near-term direction, with some arguing for a potential end to the July relief rally near resistance levels around $65,000.
Latest closeWTI crude $92.23 ▲6.2%|Brent $100.54 ▲6.9%|Bitcoin $64,836.53 ▼1.9%