Analysis: Bitcoin Macro Pressure Now Hinges on Oil Prices, US-Iran Hormuz Strait Talks Key

BlockBeats news, September 27: Bitfinex released a graphical analysis stating that the macroeconomic pressure currently facing Bitcoin is mainly transmitted through oil prices, and the trajectory of oil prices depends on the progress of negotiations between the United States and Iran over the Strait of Hormuz. Last week, progress in the negotiations drove crude oil prices lower and eased inflation pressure, thereby reducing the pressure on risk assets from a stronger dollar and elevated U.S. Treasury yields.

If the negotiations stall, crude oil prices may rise again and increase market pressure through the channels of inflation, the dollar, and bond yields. Therefore, the market currently needs to watch not only Federal Reserve policy, but also closely monitor the progress of U.S.-Iran negotiations.