Bitcoin drops 2% as oil prices surge on energy shortage fears
Bitcoin’s price has now fallen over four consecutive days to $66,272 after initially climbing on the US-Israel strikes on Iran.
Bitcoin fell nearly 2% in just 15 minutes on Sunday while oil prices rose almost 20% as the escalating Middle East conflict prompted fears of a major supply shortage in the global energy market.
Data from decentralized derivatives platform Hyperliquid shows oil prices rose from $95 to $113.7 per barrel shortly after US futures markets opened, as Iraq warned that roughly 3 million barrels per day of production could be disrupted due to Iranian threats against tankers in the Strait of Hormuz.
It’s the highest price oil has reached since April 2022, a few weeks after Russia commenced its invasion of Ukraine, TradingView data shows.