Bitcoin
Oil Prices Rise on Supply Disruptions While Crypto and Metals Decline Ahead of Fed Meeting
Crude oil surged past 100 dollars on Middle East supply disruptions as expectations of a Federal Reserve rate hike pressured cryptocurrencies and precious metals.
Crude oil prices rose on Monday following supply disruptions in the Middle East, with Brent crude climbing 2.75% to $107.48 and West Texas Intermediate advancing 2.51% to $102.56. Output concerns mounted after Saudi Arabia shut its East-West pipeline due to drone strikes from Iraq, while Houthi activity near Bab el-Mandeb and Perim island added further pressure to routes handling up to 5% of global supply. Talks between Gulf states and Iran scheduled in Oman were also postponed.
In contrast, crypto assets and precious metals fell as stronger US inflation data reinforced expectations of monetary tightening. CME FedWatch data indicated an 86.3% probability of the Federal Reserve raising its target rate to between 375 and 400 basis points on Wednesday, up from 59.4% the previous week.
The broader cryptocurrency market capitalization fell 4.32% over 24 hours to $2.62 trillion. Bitcoin traded near $76,718 after a 4.4% weekly drop, while Ethereum slipped 1.79% to $2,478.43. Metals markets also declined, with gold falling to $4,340.58, silver sliding to $64.11, and copper easing to $6.40.
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