Crypto
Bitcoin Tumbles Below $78K as Middle East Tensions Spark Oil Surge
Bitcoin (BTC) took a hit on Tuesday, dipping below $78,000 for the first time since September 3rd. The sudden drop was triggered by renewed Middle East tensions and their impact on oil prices.
WTI crude oil hit a three-month high near $95 per barrel as news of Houthi strikes on Saudi Arabian cities and oil infrastructure spread. This surge in oil prices had a ripple effect, causing US stocks to fall 0.5% and 0.4% for the S&P 500 and Nasdaq Composite Index respectively.
Analyst Rekt Capital warns that Bitcoin needs to hold onto $78,300 to avoid a repeat of its May breakdown, which saw BTC drop from $82,800 to new macro lows near $57,000.