Summary
- Bitcoin was trading near $63,900, below $64,000, as rebounding oil prices and a selloff in AI-related stocks weighed on the market.
- Bitcoin fell 1.3% from 24 hours earlier but remained up 2% on the week, while major cryptocurrencies including Ether (ETH), Binance Coin (BNB), XRP and Dogecoin (DOGE) also moved lower.
- International benchmark Brent crude climbed above $91 a barrel amid conflict between the US and Iran, hitting its highest level in a month and adding to inflation concerns and market pressure.
Bitcoin slipped below $64,000 as rebounding oil prices and a selloff in artificial intelligence-related stocks weighed on the market.
CoinDesk reported on July 20 that markets were caught between rising oil prices linked to the war in the Middle East and ongoing weakness in semiconductor shares after a shock from China’s AI sector.
Bitcoin was trading near $63,900, down 1.3% from 24 hours earlier. It was still up 2% for the week.
Major cryptocurrencies were mostly lower. Ether fell 1.1% to $1,850, Binance Coin slid 0.8% to $564, and XRP dropped to $1.09. Dogecoin also fell 1.4%.
Hyperliquid’s HYPE was among the weakest major tokens. It traded around $60 after falling 8% on the week.
Rising crude prices also added pressure to the market. Brent crude climbed above $91 a barrel, its highest level in a month, as the conflict between the US and Iran intensified. The move rekindled inflation concerns that had recently eased after softer US inflation data.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.