Bitcoin Blasts Past $85,000 Amid Easing Inflation and Oil Price Drop
Bitcoin's price has surged above $85,000 as market momentum strengthens. The cryptocurrency jumped by 6.64% to $86,562 over the past day, with a 12% appreciation in value over the week.
The rally is attributed to easing inflationary pressures and a decline in oil prices. Brent futures (BRNX6) fell by 3.40% to $100.34 per barrel, while West Texas Intermediate (WTI) futures (CLX6) declined by 3.82% to $92.38 per barrel.
Despite this, market expectations suggest a potential interest-rate hike from the Federal Reserve in October, with a 56.5% likelihood according to the CME FedWatch Tool. However, cryptocurrency traders appear to be assigning less weight to the Fed's stance than before.
The European Central Bank (ECB) has also launched a new service linking its payment infrastructure with blockchain-based financial markets, further bridging the gap between digital assets and traditional finance.