CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates

Bitcoin Magazine logo

Published on

Add as a preferred source on Google
Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates

Bitcoin Magazine

Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates

Bitcoin price traded near $79,600 on Thursday morning, up about 2% from a day earlier but roughly $21,900 below its price one year ago, after slipping back under $80,000 as oil prices recovered and the Bank of England raised interest rates, according to Bitcoin Magazine Pro data.

Bitcoin changed hands at $79,632 at 8:05 a.m. ET, with a market cap of about $1.60 trillion and roughly $35.2 billion in trading volume over the past day.

The move gives back a slice of Wednesday’s rally. Bitcoin price held near $80,000 through Wednesday afternoon and stayed above that level overnight, peaking just under $80,900 around 5 p.m. ET. It dipped below $80,000 in the 7 a.m. ET hour on Thursday, as stock futures turned mixed and oil firmed.

The pullback is small next to the week’s swing. Bitcoin sat near $75,600 on election night, so Thursday’s price is still more than 5% above that low.

Oil drove Wednesday’s relief rally, and it is now taking some of that back. Brent crude futures rose $1.53, or 1.6%, to $96.15 a barrel on Thursday, while West Texas Intermediate added 52 cents to $88.64. Both benchmarks fell more than 8% on Wednesday to settle at their lowest since Aug. 31.

“The situation in the Middle East is still unresolved and that’s why there is some modest recovery in prices at the moment,” UBS commodity analyst Giovanni Staunovo said.



Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.