Oil Prices Soar Towards $108: What It Means for Bitcoin and Tech Stocks
The price of Brent crude oil has surged towards $108 following weekend attacks on Saudi energy infrastructure and renewed concerns over the Strait of Hormuz.
This uptick in oil prices is putting pressure on both Bitcoin and technology stocks, as higher energy costs contribute to inflation and interest-rate fears.
Investors are reassessing the Federal Reserve outlook, with market expectations for another rate increase rising sharply. Higher bond yields reduce the value investors place on future earnings, making tech companies particularly sensitive to rising rates.
Bitcoin has struggled to regain momentum, holding around the upper-$70,000 range as oil and bond yields climb. With nearly $905 million in ETF inflows earlier this month helping BTC resist an oil surge toward $96, conditions have become tougher since then.