Oil Is Below $76. So Why Is Bitcoin Still Below $65,000?
Investors are trying to figure out how macroeconomic forces affect the world's top cryptocurrency.
Overview
The price of Brent crude oil surged after the start of the current Iran conflict on Feb. 28 and the resulting Strait of Hormuz closure. It jumped 63%, from $72.28 on Feb. 27 to $118.35 at its 2026 high on March 30. De-escalation helped drive the price back down. But President Donald Trump's declaration that the ceasefire is over is once again driving oil prices higher.
Nonetheless, Brent crude is currently just below $76 a barrel (as of July 9). In theory, a lower price should be excellent news for Bitcoin (CRYPTO: BTC), as less inflationary pressure, at least compared to earlier in the year, supports the Federal Reserve's ability to lower interest rates. But this isn't the case, as the central bank's latest meeting revealed.
Details
So, why is Bitcoin still trading well below $65,000?
Source
Originally published at www.fool.com.