BTC falls 0.9% to $65,900 after WTI crude hits $85, reviving inflation concerns and shifting capital to safer assets.
Bitcoin dropped below $66,000 on Wednesday, retreating from a one-month high as WTI crude oil surged past $85 per barrel. The move reignited inflation fears, prompting investors to rotate into gold, silver, and bitcoin over riskier altcoins.
The pullback followed a rally that pushed BTC to its highest level since late June, with profit-taking likely contributing to the decline. Bitcoin dominance rose to 59% as capital flowed out of altcoins and stablecoins, while select tokens like Midnight (NIGHT) and ether.fi gained amid interest in tokenized real-world assets.
Macro pressures weighed on broader markets, with Nasdaq 100 and S&P 500 futures dipping. Gold climbed 0.95% to $4,118, and silver rose 1.2% as investors sought safety. The oil rally, driven by escalating Iran tensions, underscored persistent inflation risks for risk assets.