Bitcoin recovers from Asian-session lows as falling oil price supports risk appetite
Bitcoin traded near $86,000 as WTI crude dropped below $90 and strong stock markets supported risk appetite.
The largest cryptocurrency recently traded near $86,000 after recovering from Asian-session lows of around $85,000. Prices convincingly broke above the May high on Monday, reinforcing the bullish trend. The CoinDesk 20 Index (CD20) rose 2.2% over 24 hours.
U.S.-listed spot bitcoin ETFs attracted nearly $1 billion in inflows on Monday, their largest single-day haul since October last year.
WTI crude futures fell more than 2% to below $90 a barrel, extending their retreat from a recent high of $106. The decline followed a Kyodo report that Iran was willing to reopen the Strait of Hormuz within seven days if the U.S. eased its blockade.
Lower oil prices could help ease inflationary pressures and weaken the case for additional Federal Reserve interest-rate increases in the coming months.