BTC, ETH, DOGE: Cryptocurrencies Are Pulled Lower as Stocks Fall and Oil Prices Rise
Leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) have been pulled lower on July 23 due to a sharp decline in stocks and as crude oil prices continue to rise.
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Bitcoin, the largest cryptocurrency by market capitalization, is down 2% in late afternoon trading and back below the key level of $65,000 as volatility rattles markets globally. Ethereum and Dogecoin are each down about 3% on the day.
Despite some early signs of resilience, the decline in U.S. equity markets was too much for cryptocurrencies to withstand. Stocks fell deep into the red after financial results from Alphabet (GOOGL) and Tesla (TSLA) revealed increased spending on artificial intelligence (AI), rattling investor confidence. The technology-heavy Nasdaq (NDAQ) exchange is down nearly 600 points after the earnings reports.
Crude Oil Rises Above $100
At the same time, markets are being pressured by the ongoing rise in oil prices, with Brent crude, the international standard, up another 6% and trading above $100 a barrel for the first time since May of this year. Oil is marching higher as fighting intensifies between Iran and the U.S.
West Texas Intermediate (WTI) crude oil, the U.S. benchmark, is also up 6% and trading near $92 a barrel. For most of the past two months, the price of Bitcoin had trading in a range between $60,000 and $65,000 but struggled to break above resistance at the high end. In late June, Bitcoin fell to $58,000, its low for the year.
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