Bitcoin Price Slumps as Oil Prices Soar Amid Escalating Tensions in the Middle East
Bitcoin's recent price surge has been halted as rising oil prices and escalating tensions in the Middle East have revived inflation concerns.
The US military has conducted strikes against Iran, and Yemen's Houthi rebels have targeted Saudi oil tankers, pushing oil prices higher this week.
This shift has prompted traders to reassess the Federal Reserve's policy outlook, with expectations of a more hawkish stance weighing on risky assets like Bitcoin.
Despite this, institutional demand for spot Bitcoin ETFs remains strong, with $68.99 million in net inflows recorded on Wednesday, marking the seventh consecutive day of positive flows.