Key Points
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The price of crude oil is unusually high, and rising.
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The latest rise in oil prices started towards the end of the crypto bear market.
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It’s unclear if crypto can continue to ignore oil for the long term.
The price of oil factors into pretty much everything else, as it’s one of the primary energy inputs to the processes that make the modern world function. With the benchmark price of Brent crude oil at $103.64 on Oct. 1, up 34% over the prior 90 days, and 62% so far this year, it’s reasonable to say that the price of oil is quite high right now.
Bitcoin(CRYPTO: BTC) has risen by 42% in the last three months, so rising oil prices have not been damaging to the crypto market. But what effect might high oil prices have moving forward?
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