Bitcoin Plunges Amid Rising Oil Prices and Global Market Volatility

Crypto markets have been hit hard by rising tensions in global energy markets. The price of Bitcoin has fallen to $68,000 amid a weak sentiment in global equity markets and a stronger US dollar. Rising US Treasury yields are also contributing to the decline.

The correlation between BTC and the S&P 500 is at its lowest level since 2020. However, it's worth noting that Bitcoin began declining before the stock market correction started, suggesting that rebounds in equity indices may be more likely to serve as profit-taking opportunities rather than signaling a trend reversal.