Bitcoin Trades Steady Amid Rising Brent Crude Prices

Bitcoin was trading around $78,000 on April 22, according to NS3.AI. This comes as Brent crude oil prices increased by 5.4% on April 21, closing at $99.89 and reaching an intraday high of $102.16. Reports indicate that only three ships passed through the Strait of Hormuz in the previous 24 hours, a significant decrease from the usual 140 daily transits before the conflict began. In the financial markets, Fed funds futures have shifted from anticipating two quarter-point rate cuts by December, as expected in late February, to only a 30% probability of a single 25 basis point cut for the entire year as of April 21. Earlier, on April 8, a ceasefire development led to a drop in Brent crude prices to $92.55, while Bitcoin saw a 2.95% increase, reaching $72,738.16, as the likelihood of rate cuts improved.