Oil above $112 sinks Bitcoin below $82,000 as inflation-hedge test fails
- —Brent rose nearly 3% to $112 a barrel, a five-month high
- —Bitcoin fell 4.2% to $81,100; Ether and XRP each lost more than 5%
- —About $431 million liquidated in 24 hours; largest single position was an $11.8 million BTC long on Binance
- —17 of 19 large crypto assets lost more in one day than over the entire week
Why it matters: Bitcoin traded in step with tech stocks instead of hedging inflation, undermining the digital-gold narrative as an oil shock hits risk assets.
Source: CryptoTicker