Bitcoin · Federal Reserve (FED) · Saudi Arabia · Russia · CryptoSlate
Bitcoin catches a break from falling oil prices, but OPEC+ raises new Fed concerns
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Bitcoin's recovery faces another inflation test after OPEC+ held December oil production targets steady amid persistent Middle East supply disruptions.
Key facts
- Brent crude declined about 3% to $110 a barrel after trading above $114 on Friday, while the dollar index slipped 0.5% to 101.45
- Goldman Sachs has meanwhile raised its December Brent forecast to $105 from $90, citing heightened geopolitical risks
- That risk has become more pronounced after the central bank raised interest rates in September and subsequently held them at 3.75% to 4% on Oct. 28, with two policymakers voting for another increase
- The Bureau of Labor Statistics reported that gasoline prices surged 9.1% in September, accounting for more than half of the month's 0.6% increase in consumer prices
Summary
01 Bitcoin's recovery faces renewed uncertainty after OPEC+ held December oil output targets steady despite persistent Middle East supply disruptions. 02 Elevated oil prices could prolong US inflation, keeping Fed policy restrictive and limiting the liquidity supporting Bitcoin's recovery. 03 Brent's 3% decline offers temporary relief, but upcoming US inflation data will test whether Bitcoin can escape renewed Fed pressure. Data from CryptoSlate shows that the cryptocurrency climbed around 1% to approximately $78,724 early Monday, recovering modestly from last week's market turmoil as falling oil prices and a weaker dollar offered some relief to risk assets.