Bitcoin Soars to 8-Month High on Falling Oil Prices and Hawkish Fed

Bitcoin has surged to $86,098.82, marking its highest level in eight months. The price increase of 6.5% over 24 hours and 9.7% over the past week has added $568 billion to Bitcoin's market cap in just three months.

Falling oil prices are contributing to a broader risk-on move, with Brent crude dropping to around $97 per barrel. This is due in part to CENTCOM reports of increased oil flow through the Strait of Hormuz despite continued Houthi attacks on Saudi Arabia.

Market strategist Gareth Soloway notes that falling oil prices typically bring down bond yields, supporting both stocks and crypto simultaneously. He also believes a hawkish Fed can help pull down long-end Treasury yields as investors regain confidence in US fiscal management and accept lower rates.