Bitcoin Seeks Gains Amid Falling Oil Prices and Strong ETF Inflows
- Bitcoin recently traded near $86,000, recovering from lows of around $85,000 during the Asian session.
- The cryptocurrency broke above its May high on Monday, reinforcing a bullish trend.
- The CoinDesk 20 Index (CD20) rose by 2.2% over a span of just 24 hours.
- U.S.-listed spot bitcoin ETFs saw nearly $1 billion in inflows on Monday, marking the largest single-day inflow since October last year.
- WTI crude futures fell over 2% to below $90 a barrel, down from a recent high of $106.
Falling oil prices may ease inflationary pressures and reduce the likelihood of further interest-rate increases by the Federal Reserve in upcoming months. This shift has contributed to a more favorable risk appetite in the market.
Overall, Bitcoin’s price recovery to near $86,000 aligns with strong ETF inflows and positive market sentiment driven by falling oil prices.(Source)
