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Bitcoin holds near $64,000 as oil jumps ahead of Fed decision
BTC/USD was recently pulled back from a rebound at the Wall Street open after hitting 11-day lows around $62,700, while WTI and Brent rose 7.6% and 5.4% respectively.
Bitcoin traded in a tight range near $64,000 on Wednesday as investors weighed a risk-asset selloff and a jump in oil prices tied to renewed US-Iran conflict concerns, Cointelegraph reported.
Cointelegraph said BTC/USD halting a local rebound at the Wall Street open followed a move to 11-day lows around $62,700 the prior day, amid continued weakness in US stock risk sentiment reflected in an Asia chip-stock selloff and worries about debt obligations at large semiconductor and AI firms.
Oil prices spiked, with WTI up 7.6% and Brent up 5.4%, raising the risk that higher energy costs could feed into Consumer Price Index expectations and shift the path for interest rates, Cointelegraph noted.
With markets awaiting the Federal Reserve’s July decision, Cointelegraph cited CME Group’s FedWatch Tool showing 66.3% odds that the 3.5% to 3.75% federal funds target range remains in place, and 33.7% odds of a 0.25% hike.
Latest closeWTI crude $81.23 ▼1.7%|Brent $85.92 ▼2.8%|Bitcoin $63,834.07 ▼0.1%