Bitcoin Falls to $65,900 as WTI Crude Tops $85 and Lifts Inflation Fears
Updated
Updated · CoinDesk · Jul 22
Bitcoin Falls to $65,900 as WTI Crude Tops $85 and Lifts Inflation Fears
3 articles · Updated · CoinDesk · Jul 22
Summary
$65,900 bitcoin and $1,920 ether both slipped Wednesday after bitcoin hit a one-month high a day earlier, with the broader crypto market edging lower on profit-taking and renewed macro pressure.
WTI crude rose above $85 for the first time since June 12 as the Iran conflict escalated, reviving inflation worries that also pushed Nasdaq 100 and S&P 500 futures lower while gold gained 0.95% and silver 1.2%.
59% bitcoin dominance showed the risk-off shift inside crypto, as capital rotated out of altcoins and stablecoins into the largest token even as overall trading volume fell 12% to $150 billion and liquidations stayed muted at $165 million.
42.8 million HYPE futures open interest and 1 billion XLM futures open interest pointed to growing bearish positioning in selected altcoins, while BTC and ETH open interest stayed flat and implied volatility rose as traders paid more for protection.
Calls at $70,000 and $72,000 for bitcoin still led Deribit activity, suggesting some traders expect upside beyond the pullback even as altcoin leadership weakened and CoinMarketCap's Altcoin Season gauge eased to 50/100.