Crypto markets demonstrated fragility on Friday, with bitcoin trading narrowly above a psychological level of support at $70,000.
The largest cryptocurrency broke above this level on Wednesday, rising to as high as $74,000 before failing to capitalize on a lower-liquidity zone above, and falling back alongside U.S. equities.
The intensifying war in the Middle East pushed oil to a new cycle high of $85 per barrel. Brent crude has risen roughly 42% since the start of the year. The surge in energy costs, alongside growing uncertainty around Iran, has prompted traders to reassess the inflation outlook in Europe, with money markets now even pricing the possibility of a European Central Bank rate increase by year-end — a sharp…
