Oil Prices Surpass $100: What's Next for Crypto Markets?

The price of Brent crude oil has surpassed $100, marking an unusually high level. This rise in oil prices began towards the end of the crypto bear market and is now affecting many areas of the economy.

Crypto markets have been relatively resilient to rising oil prices, with Bitcoin rising by 42% over the last three months. However, it's unclear if this trend will continue in the long term.

The high price of oil factors into nearly everything else in the economy, as it is a primary energy input for many processes that keep the modern world functioning. With Brent crude trading at $103.64 on October 1, up 34% over the prior 90 days and 62% so far this year, its impact will likely be felt.

One explanation for crypto's resilience to high oil prices is the end of the bear market in June, which saw a sharp reversal in prices. Another explanation is that investors are looking to inflation-resistant assets like Bitcoin, especially when they're priced well below their all-time highs.