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Bitcoin tagged $63,200 and preserved most of a recent rebound even as two significant macro shocks landed in the same session: the sharpest US producer-price inflation reading since October 2022, and Iran's decision to close the Strait of Hormuz — a chokepoint for global oil flows.
The failure of either headline to materially dent the price is the story, not the level itself. Two Genuine Macro Shocks, One Muted Reaction The Strait of Hormuz closure carries real weight.
The waterway handles a substantial share of seaborne crude oil, and any disruption there historically pushes energy prices higher and tightens financial conditions — the kind of environment that tends to flush out leveraged positions in risk assets, crypto included.
Layered on top of that, a US PPI print at its hottest since October 2022 reinforced the case that inflation is not finished, complicating the Federal Reserve's path toward rate cuts that markets have been pricing in.
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