BTC Tests $80K as Trump Fuels Oil Price Dip
Bitcoin (BTC) surged above $79,000 on Monday as markets reacted to US President Donald Trump's hints at an end to the Iran war. Oil prices fell after Trump's comments, which sparked a brief rally in US equities.
The mixed signals from Washington came amid ongoing uncertainty over the fate of key oil-transit routes in the Middle East. The Strait of Hormuz, Saudi Arabia's East-West pipeline, and the Bab El-Mandeb Strait were under threat as the conflict expanded beyond Iran.
US WTI crude oil remained above $100 per barrel, while Brent crude traded at $105 per barrel. However, prices dipped after Trump doubled down on his prediction of lower oil prices, saying 'Oil will drop like a rock as soon as the Military Conflict with Iran is over, and that will not be long.'
The odds of a 25-basis-point Federal Reserve rate hike rose to 92.7% according to CME Group's FedWatch Tool. The Fed will announce its latest decision on interest-rate changes on Wednesday.