Bitcoin Rises to $78K Amid Oil Surge
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Bitcoin surged to $78,000 on April 21, defying a sharp rise in Brent crude oil, which closed at $99.89 after a 5.4% gain. The oil spike was driven by severe disruptions in the Strait of Hormuz, with shipping traffic plummeting from ~140 to just 3 vessels daily. This geopolitical tension typically pressures risk assets, but Bitcoin's rally suggests a decoupling from traditional markets. The setup mirrors past instances where Bitcoin acted as a hedge during supply shocks, though the sustainability of this move hinges on whether oil prices stabilize or escalate further. If crude breaches $100, Bitcoin could face headwinds from inflationary fears, but for now, its resilience signals growing confidence as a store of value.
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