Bitcoin Price Slips as Oil Surges and US Stock Futures Tumble
Bitcoin traded around $66,456 on Sunday, down 1.7% over the previous 24 hours, reflecting continued weakness alongside global markets facing renewed volatility. Despite remaining up 1.4% for the past week, Bitcoin is down about 7.3% over the last month amid growing geopolitical and macroeconomic uncertainties. Broader risk markets also declined, with Dow Jones, S&P 500, and Nasdaq-100 futures all falling ahead of the U.S. session, driven by a sharp surge in oil prices linked to escalating Middle East conflict. West Texas Intermediate crude rose about 18% to over $107 a barrel, and Brent crude climbed 16% to around $108, the highest since 2022. Concerns over supply disruptions through the Strait of Hormuz and attacks on regional energy infrastructure have exacerbated market anxiety. Israeli and Iranian military actions have intensified, with Israeli strikes on Iranian energy facilities and Iranian drone attacks in the Gulf. Bitcoin, historically sensitive to risk-off market moves, showed relative stability, briefly dipping below $66,000 before partially recovering. Separately, Mojtaba Khamenei was appointed Iran’s new Supreme Leader after the death of his father, signaling potential changes in the region’s power dynamics.
