As Oil Moves Higher, Bitcoin Sinks to Lowest Price Since March" - that's 10 words, fits. Now

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TITLE: As Oil Moves Higher, Bitcoin Sinks to Lowest Price Since March

ARTICLE:

The crypto market fell alongside U.S. stocks on Wednesday as oil prices ticked higher on renewed skirmishes in the Middle East, with Bitcoin hitting a more than two-month low.

The leading digital asset by market cap dropped 2.4% midday to a recent price of $65,699 after falling as low as $65,590—its lowest price since late March, according to CoinGecko. Ethereum and Solana meanwhile fell about 5% each to $1,830 and $72, respectively.

U.S. Central Command reported late on Tuesday that the military had intercepted Iranian missiles and drones, later conducting "self-defense strikes" on an island in the Strait of Hormuz—the bottleneck through which 20% of the world's oil supply flows. The organization also flagged Iranian missiles fired toward regional neighbors such as Kuwait and Iran.

Amid negotiations to establish a lasting peace settlement and clear the strait, the exchange fueled fears of prolonged energy disruptions. Futures for Brent crude oil, the global benchmark, rose to a 12-day high of $96 per barrel as bond yields ticked higher.

On Myriad, a prediction market owned by Decrypt parent company Dastan, traders penciled in a 57% chance that crude oil rises to $120 before falling to $55.

The U.S. 10-year Treasury yield's rise to 4.5% indicates investors are growing concerned about higher energy costs driving inflation near-term as the conflict continues to drag on, Carlos Guzman, vice president of research at crypto trading firm GSR, told Decrypt.

Guzman said Tuesday's fighting appears to have sapped enthusiasm toward AI on Wall Street, with the tech-heavy Nasdaq on track to fall nearly 1% from its all-time high close on Tuesday. The S&P 500 had also slid 0.8%, while the Dow Jones erased more than 430 points.

Bitcoin is off to a shaky start in June, dropping roughly 10% from $74,000 to $65,400 as headwinds pile, but the outlook remains firmly fixated on the impact of Strategy's first BTC sale since 2022.

The Bitcoin treasury firm revealed in an 8-K filing Monday that it had sold 32 BTC the previous week, sparking heated debate on crypto Twitter. Michael Saylor's Bitcoin Treasury Firm Strategy Sells 32 BTC for $2.5M.

The move marked a reversal of Strategy's long-held "Never sell your Bitcoin" stance, w...

"There was some optimism that you'd see a resolution," Guzman said, noting that traders are pricing in higher odds of an interest rate hike than a cut from the Federal Reserve, which typically triggers a shift away from speculative assets like stocks and crypto.

Guzman described crypto's performance as a "continuation of the weakness we've been seeing," with Strategy's decision to sell 32 Bitcoin for $2.5 million driving pessimism among retail traders that have grown increasingly frustrated with the market.

In a note shared on Tuesday by Compass Point, analysts described Bitcoin's plunge as a "capitulation event," with 26% of sales over the past 320 days coming from investors who purchased the asset above the $90,000 mark.

"This cohort of top-buyers had been resilient throughout the bear market," they wrote. "This makes us more confident that BTC's bear market is in late stages."

If you've been tracking crypto prices over the last couple days, you already know the broader picture: the market is getting hammered. Bitcoin cratered below $67,000, its worst level since April, and ETFs are bleeding. But while things aren't looking great for Bitcoin in the near term, Ethereum—the second largest crypto asset by market capitalization—is getting hit worse.

Ethereum fell below $2,000 on June 2 and hasn't looked back. There are several possible reasons, beyond the typical macroeco...

When Strategy disclosed on Monday that it had sold Bitcoin, the move marked a counterintuitive turning point for Ethereum, according to Standard Chartered's Geoff Kendrick. Although the second-largest digital asset by market cap has lagged its oldest peer for months, investors' reaction to Strategy's liquidation created favorable conditions for Ethereum.

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Hmm, this is largely just preserving the source with minimal edits. The user said "If the source article is already clean, only minor edits are fine." But the source has some issues that I might need to address. Let me re-read the source.

Actually, the source seems to be a mashup of multiple articles (a Decrypt article and a Standard Chartered piece, possibly). The text is choppy. I should preserve everything exactly while cleaning up minor issues.

For light crypto humor, I could add small touches. Let me see where:

• "sparks heated debate on crypto Twitter" - could add "as heated debate on crypto Twitter is wont to do" or similar
• The "If you've been tracking crypto prices..." part - could add a dry comment

Let me add a touch:

"If you've been tracking crypto prices over the last couple days, you already know the broader picture: the market is getting hammered, again, like it keeps promising to stop doing."

Or something more subtle. Let me keep it light.

Let me also check the "w..." cut-off. The original has "w..." - should I keep it? The rules say to keep all facts. I think I should preserve the cut-off marker as it shows the article is truncated, but maybe just leave it as "w..." or note that the text was truncated. Actually, I should preserve it as is to maintain the source integrity.

Wait - re-reading: "The move marked a reversal of Strategy's long-held "Never sell your Bitcoin" stance, w..." - this looks like a truncation. The "w..." might be the start of "which..." or similar. I shouldn't invent what comes after. I'll keep it.

Same with "Ethereum fell below $2,000 on June 2 and hasn't looked back. There are several possible reasons, beyond the typical macroeco..." - keep as is.

And the last paragraph: "...investors' reaction to Strategy's liquidation created favorable conditions for Ethereum" - ends abruptly. Keep as is.

Let me finalize. I want to add a tiny bit of dry crypto humor. Let me add it sparingly:

For example: "sparking heated debate on crypto Twitter" → "sparking the kind of heated debate on crypto Twitter that somehow always involves a laser-eyed frog"

Or: "dropping roughly 10% from $74,000 to $65,400 as headwinds pile" → "dropping roughly 10% from $74,000 to $65,400 as headwinds pile up faster than altcoin promises"

Or: "driving pessimism among retail traders that have grown increasingly frustrated with the market" → "driving pessimism among retail traders who, by this point, are running out of coffee"

Let me be subtle. The rules say "Include light, dry crypto-native humor; do NOT force it." So I should be careful.

Let me add just one or two subtle touches:

1. "sparks heated debate on crypto Twitter" → "sparks the usual heated debate on crypto Twitter, where conviction is permanent and price action is treason"

That's a bit forced. Let me try:

"sparking heated debate on crypto Twitter" → "sparking heated debate on crypto Twitter, which is to say the same five accounts yelling at each other"

Hmm, still feels like I'm forcing it. Let me try a more natural touch:

"dropping roughly 10% from $74,000 to $65,400 as headwinds pile" → "dropping roughly 10% from $74,000 to $65,400 as headwinds pile up, because apparently June hates us"

Or simpler: "dropping roughly 10% from $74,000 to $65,400 as headwinds pile" - leave as is.

Let me just add one or two really subtle touches. For instance:

"The market is getting hammered. Bitcoin cratered below $67,000, its worst level since April, and ETFs are bleeding." - this is already a bit dramatic. I can leave it.

Actually, reading the rules again: "Include light, dry crypto-native humor; do NOT force it."

This means humor is optional. I can include it lightly or not at all. Given the article is heavy on news