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Bitcoin Slides Towards $81,000 as Oil Above $110 Revives Rate-Hike Bets
Bitcoin's price slid on Thursday, dropping nearly 4% over a 24-hour period in New York, trading as low as $81,331. The decline was attributed to oil prices jumping, which increased inflation fears and raised concerns about potential interest rate hikes by the U.S. Federal Reserve. The asset has historically performed well with low interest rates, moving in line with tech stocks and the Nasdaq. Analysts, however, have noted that Bitcoin is now in a bull market after rising above its 365-day moving average.