Bitcoin
Bitcoin Slides Below $82,000 as Brent Crude Climbs Past $112
A surge in oil prices accompanied a sharp downturn in crypto and technology shares, testing Bitcoin's narrative as an inflation hedge.
Crude oil prices jumped following drone attacks on Saudi targets, pushing Brent crude up nearly 3% to approximately $112 per barrel, its highest level in five months. The incident near the Shaybah oil field caused two casualties without interrupting output, while an additional strike hit King Fahd airport in Dammam.
The crypto market fell in tandem with major equities rather than acting as a hedge. Bitcoin declined 4.2% to around $81,100, while Ether and XRP each dropped over 5%. In traditional equity markets, the Nasdaq retreated 2.55% and the S&P 500 slipped 1.35%.
The market downturn led to roughly $431 million in futures liquidations over a 24-hour window, according to CoinGlass figures cited in the report. The largest single forced closure occurred on Binance, where an $11.8 million long position in Bitcoin was closed just below $83,500.
The report notes that rising energy costs directly affect inflation expectations, which in turn shape market interest rate outlooks, exerting downward pressure across risk assets and crypto markets rather than offering immediate protection against price pressures.
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