Oil Price Surge Revives Fed Rate Hike Bets Amid Bitcoin Stability
Bitcoin's price has remained relatively steady at $78,524 on September 8, despite a decline of 0.72% from its previous value.
This stability is notable given the rising oil prices and weaker U.S. equities, which might have typically caused investors to seek safe-haven assets like Bitcoin.
The S&P 500 fell by 0.4%, the Dow dropped by 575 points (1.1%), and the Nasdaq decreased by 0.1% on September 8, indicating a cautious market sentiment where Bitcoin's relative performance did not significantly outperform stock market fluctuations.
The oil price increase, which saw Brent crude rise by 0.6% to $97.54 per barrel due to uncertainties from the Middle East conflict and the Strait of Hormuz, has exacerbated inflation concerns that could influence Federal Reserve policy decisions.