Bitcoin rose marginally on Monday, recovering some ground after two straight weeks of losses. A drop in global oil prices offered some relief to risk-driven markets, though the price remains inside its recent range.
Bitcoin rose 1.3% to $82,783.1 by 02:00 ET (06:00 GMT) on Monday. It had fallen about 2% respectively for the past two weeks.
Bitcoin has flitted between $80,000 and $87,000 for the past month. Soaring Treasury yields and a rout in technology stocks dented sentiment towards crypto and spurred capital outflows.
Falling oil lends some relief to Bitcoin
Crypto markets stemmed some of their recent declines after a sharp drop in oil prices on Monday, following U.S. President Donald Trump signing an order to waive sanctions on Russian oil. European leaders, Ukraine and several U.S. policymakers resisted the decision.
Still, the prospect of increasing Russian exports pointed to some gains in supply, which could help offset a mounting global fuel shortage.
The oil drop also spurred bets that inflation will not be as aggressive as feared in the coming months. That would necessitate fewer interest rate hikes by global central banks. Such a scenario bodes especially well for Bitcoin, because high rates increase the opportunity cost of investing in non-yielding, speculative assets.
However, markets are still positioning for at least one more interest rate hike by the Federal Reserve later in the year, amid increasing signs of sticky U.S. inflation.
Altcoins rise but stay rangebound
Broader crypto prices also rose on Monday but remained within trading ranges established over the past month. Ether rose 0.9% to $2,432.60, while XRP rose 1.3%.
Solana rose 2%, Cardano rose 0.4%, and BNB added 0.9%. Among memecoins, Dogecoin was up 0.5%, while $TRUMP fell 2%.
Source: Investing.com
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