Bitcoin steadies as limited U.S. exposure to oil shocks calms markets
Rising oil prices are shaking global markets, but the U.S. is largely insulated and bitcoin seems to be riding the wave alongside Wall Street.
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Rising oil prices are shaking global markets, but the U.S. is largely insulated and bitcoin seems to be riding the wave alongside Wall Street.
Veteran strategist Ed Yardeni raised his probability of a stock market crash this year as oil tops $100, the dollar posts its best week in a year, and the Iran conflict expands to Saudi Arabia.
Tokenized crude oil futures saw their largest liquidation event on crypto venues as the conflict expanded to Saudi Arabia and Gulf oil production collapsed.
Nikkei drops more than 6%, and Kospi slides about 8% as traders price supply disruption risk, while prediction markets show strong odds of $120 crude.
There was little sign over the weekend of any de-escalation in the war against Iran.
As crypto passes into mainstream use, it’s losing its rebel soul. It may still express rebellion, but won’t be rebellion anymore, says Callon-Butler.
The central debate has shifted from whether bitcoin can survive to if it can function as a sovereign reserve asset, as critics assess it by institutional standards.
The divergence between large and small holders has historically preceded further downside, with the Crypto Fear and Greed Index dropping to 12
Traders are watching whether the $1.35 support zone holds after high-volume selling earlier in the session.
The IRS’s 1099-DA tax form for reporting digital asset gains comes with a burden of over-reporting, Coinbase’s tax experts warned.