Oil Price Surge Sends Shockwaves Through Global Markets, Cryptocurrency Prices Plummet
Oil prices have surpassed $100 per barrel, sending shockwaves through global markets and leading to increased volatility in U.S. Treasury yields and the value of cryptocurrencies like Bitcoin.
The price of Brent crude hit a high of $103.08 per barrel on September 23, up 3.86% from the previous day's close, and has continued to rise, reaching $105.51 by 17:40 Beijing time on September 24.
This surge in oil prices has led to a strengthening U.S. dollar and higher long-term bond yields, making it more expensive for investors to hold cryptocurrencies like Bitcoin.
Bitcoin's price fell 1.6% to $82,882 after hitting an eight-month high earlier this week, while Ethereum dropped to around $2,628 and other major cryptocurrencies also declined in value.
Experts believe that the recent rally in cryptocurrencies has cooled off due to a combination of factors, including a stronger U.S. dollar, soaring bond yields, and falling stock prices.