Crypto
Bitcoin Rallies as Falling Oil Prices Support Risk Appetite
Bitcoin (BTC) has recovered from its Asian-session lows and is now in the hunt for further gains, boosted by falling oil prices. The largest cryptocurrency recently traded near $86,000 after recovering from around $85,000. Prices convincingly broke above the May high on Monday, reinforcing the bullish trend.
The CoinDesk 20 Index (CD20) rose 2.2% over 24 hours. U.S.-listed spot bitcoin ETFs attracted nearly $1 billion in inflows on Monday, their largest single-day haul since October last year.
WTI crude futures fell more than 2% to below $90 a barrel, extending their retreat from a recent high of $106. The decline followed a Kyodo report that Iran was willing to reopen the Strait of Hormuz within seven days if the U.S. eased its blockade.