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Bitcoin retreats after surging, falling more than 2%; oil hits near one-month high as Middle East tensions fuel risk aversion
BlockBeats reports that on October 13, Bitcoin briefly climbed to $84,254 on Monday before retreating, with losses at one point reaching 2.2%. Uncertainty over the prospect of an energy ceasefire between Russia and Ukraine, along with attacks on oil tankers in the Strait of Hormuz, heightened concerns about energy supplies. Brent crude rose intraday to $107.25 per barrel, its highest level since September 16, while WTI crude topped $94 per barrel.
The U.S. is set to release September CPI and PPI data this week, and rising oil prices have further heightened market concerns about a resurgence in inflation. Robin Brooks, former chief foreign exchange strategist at Goldman Sachs, believes that oil prices may currently be factoring in too large a risk premium, given that traffic through the Strait of Hormuz has improved.
The U.S. is set to release September CPI and PPI data this week, and rising oil prices have further heightened market concerns about a resurgence in inflation. Robin Brooks, former chief foreign exchange strategist at Goldman Sachs, believes that oil prices may currently be factoring in too large a risk premium, given that traffic through the Strait of Hormuz has improved.
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