Binance Releases Critical Report on the Current State of Bitcoin! “Oil is the Most Critical Factor!”

As the US-Iran conflict continues, risk perception in global markets presents a complex picture.

Conflicts in the Middle East have driven up oil prices, raising concerns that inflation could accelerate again. With talk of a Fed interest rate hike even circulating, Binance Research has shared its latest analysis.

Binance Research, the research arm of Binance, the world’s largest cryptocurrency exchange, assessed the impact of rising oil prices on the price of Bitcoin ($BTC).

Binance has published an analysis suggesting that the recent rise in international oil prices due to the Iranian crisis could have a positive impact on Bitcoin.

According to Binance, if oil prices reach $130, the claim that $BTC is ‘digital gold’ could be further strengthened.

According to Binance Research’s analysis, if international oil prices rise above $130 per barrel, Bitcoin could become independent of US stocks and strengthen its role as ‘digital gold’.

In this scenario, a sell-off in technology stocks is likely. This would allow Bitcoin to become independent of the US stock market and be revalued as digital gold.

Binance Research’s analysis determined that the key variable for Bitcoin is not the price of oil itself, but how long the price of oil remains above $110.

Finally, analysts listed the key metrics to watch:

“Energy: Hormuz ship traffic (currently near zero), Gulf Cooperation Council storage capacity has reached 85%.”

Macro: US CPI data scheduled for release on March 11th, and Fed expectations (March 18th).

Crypto: The 30-day correlation coefficient between $BTC and software industry ETFs (IGVs) has fallen below 0.5, and ETF flows have turned into inflows.

*This is not investment advice.