Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock
Bitcoin (CRYPTO: BTC) continued to climb yesterday and is holding above $43,000 despite fears about rising oil prices. WTI Crude Oil rose by over 5% as Putin said he wants payment in Rubles for Russian gas. As the EU get around 40% of their gas from Russia, this has huge implications. Although Bitcoin is remaining strong in the short term, rising oil prices increases the likelihood of a recession over the coming year or so. Oil has increased by around 25% in the past 6 days alone, and Bitcoin bulls will want to see this tail off for continued strength.
