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Crypto

Oil Rally and ETF Outflows Send Bitcoin Below $64,000

Guavy AI Editorial Team
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BTC
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Bitcoin's price has slipped below $64,000 as concerns about inflation and interest rates weigh on investor sentiment.

Rising oil prices are pushing inflation expectations higher, which could lead to another Federal Reserve rate hike. The CME FedWatch Tool shows that market participants are pricing in a 51.3% probability of a 25-basis-point rate hike at the Fed's September meeting, up from 44.1% on Friday.

US spot Bitcoin exchange-traded funds recorded $144.67 million in net outflows on Monday, ending a five-day streak of positive flows. This has added to the pressure on Bitcoin's price, which is struggling to recover.

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