Bitcoin experiences volatility amid global market instability and rising oil prices

At the start of the week, Bitcoin experienced significant price fluctuations driven by geopolitical tensions in the Middle East and rising energy costs. The cryptocurrency fell to a weekly low of $65,633 before rebounding to over $68,000 during early European trading hours. Simultaneously, Brent crude oil prices surged by up to 29%, reaching $119.50 per barrel, the largest intraday gain since April 2020. This economic uncertainty triggered a sell-off in global stocks, bonds, and various currencies. Notably, the South Korean Kospi index declined by as much as 8.8%. While the US dollar strengthened and yields on 10-year US Treasury notes hit a one-month high, analyst Damien Loh of Ericsenz Capital noted Bitcoin's relative resilience compared to other risky assets. Market sentiment remains cautious as rising inflation pressures and energy prices continue to impact investor behavior.