Crypto Surges as Oil Drops, Morgan Stanley ETF Eyed
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Crypto Market Surges as Oil Prices Plummet: Bitcoin and Altcoins Gain Momentum
The crypto market experienced a significant rebound following a two-week dip, with Bitcoin and other altcoins climbing in value. Bitcoin reached around $71,600, while ether, XRP, and Solana each saw gains of over 5%. The CoinDesk twenty index even outperformed Bitcoin with a 4.2% increase.
The surge in crypto prices can be attributed to a decrease in oil prices, which dropped nearly 16% to $95 a barrel after Iran reopened the Strait of Hormuz. Lower oil prices reduce concerns about inflation, cooling talk of Fed rate hikes and providing relief for risk assets like crypto.
Traders sentiment has shifted, with Bitcoin and ethers 30-day implied volatility decreasing, indicating a reduced fear gauge. Additionally, $431 million in short positions were liquidated in 24 hours, the largest single-day liquidation since early March, contributing to the quick rally.
Looking ahead, Morgan Stanleys new Bitcoin ETF could be launched soon, potentially injecting fresh institutional cash into the market and further boosting adoption. However, oil prices remain 30% higher than pre-conflict levels, and the current ceasefire is temporary. Without steady tanker traffic and normalized insurance rates, crude could stay around $100, limiting cryptos upside and keeping the market volatile until real demand increases.
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