Oil Price Surge Pressures Bitcoin as Fed Rate Hike Expectations Rise

The price of Bitcoin has fallen to $78 million on Tuesday, pressured by rising oil prices and global interest rate hikes. The cryptocurrency had briefly surpassed $82 million last week, reaching its highest level in about three months.

According to data from the Portal do Bitcoin, the largest cryptocurrency is trading at $78,653, a 0.9% drop over the past 24 hours. In real terms, it's priced at R$406,319.

The Ethereum price remains stable at $2,484, while the XRP has fallen by 0.3%. Solana and BNB have also seen declines of 1% and 1.3%, respectively.

The market's focus has shifted to the US Federal Reserve's monetary policy, with investors pricing in a 60% chance of a 0.25 percentage point rate hike at its September meeting. The strong August payroll report showed an unexpected increase in job creation and a low unemployment rate of 4.1%, further fueling expectations of higher interest rates.

This scenario is pressuring assets with no yield, such as Bitcoin and gold, as higher interest rates make government bonds more attractive and reduce risk appetite. The US Treasury 10-year yield has risen above 4.8%, while jumbo-sized bond yields in the UK, France, and Germany have also increased.

The oil price is another factor contributing to market pressure, with Brent crude approaching $100 per barrel and WTI reaching a high of $94-$95 since June, driven by geopolitical tensions and supply risks.