Bitcoin Weakens as Oil-Price Spike Revives Inflation Concerns
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Author of the article:You can save this article by registering for freehere. Orsign-inif you have an account. 5[a4qjmn5d2scqrontp51l2]_media_dl_1. pngBloomberg(Bloomberg) — Bitcoin lost ground on Monday as oil prices spiked after the US launched fresh attacks on Iran, stoking concerns that higher energy costs could renew inflation pressures and dampen demand for riskier assets. Subscribe now to read the latest news in your city and across Canada. Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others. Daily content from Financial Times, the world's leading global business publication. Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account. National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword. Subscribe now to read the latest news in your city and across Canada. 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Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe original cryptocurrency fell as much as 2. 6% to $62,478 during the Asia trading day. The move took Bitcoin back below its 200-week moving average, a technical level that can signal a prolonged bear market. Second-largest token Ether also slid 2. 6%. Bitcoin later pared some of its losses and was down 1. 75% to around $63,040 in early morning in New York. Get the latest headlines, breaking news and columns. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Top Stories will soon be in your inbox. We encountered an issue signing you up. Please try again“The selloff is following weaker US equity futures trading and the spike in oil prices on the back of increasing Iran tensions,” said Richard Galvin, executive chairman at crypto investment firm DACM. Renewed hostilities between the US and Iran have heightened concern that rising oil prices could rekindle inflation and push up interest rates, which tend to draw money away from risk assets such as Bitcoin. US consumer-price data and testimony from Federal Reserve Chairman Kevin Warsh this week will be watched closely for clues on the US central bank’s policy outlook. “A hotter-than-expected CPI print would likely bolster expectations of a Fed rate hike before year-end, which would weigh on Bitcoin,” said Tony Sycamore, an analyst at IG Australia. An in-line or softer outcome would lend support to Warsh’s previous comments that inflation pressures are easing, he added. The US launched fresh missile attacks against Iran on Sunday in what has become a pattern of strikes and counterstrikes by Washington and Tehran, as the two sides issued conflicting declarations over whether the Strait of Hormuz is open to shipping. Brent crude climbed 4. 4% to above $79 a barrel as the escalation stoked concerns over potential supply disruptions. Still, last week saw $197. 4 million of net inflows into US-listed spot Bitcoin exchange-traded funds, the first positive weekly flow in nine weeks. (Updates prices. )Join the ConversationThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more aboutcookies here. By continuing to use our site, you agree to ourTerms of UseandPrivacy Policy.