I noticed an interesting correlation in the cryptocurrency market over the past few days. Bitcoin is holding around 81,000, but it seems that its movement heavily depends on what’s happening with oil. When oil prices rise, the cryptocurrency market starts to weaken — a classic situation where investors avoid risky assets.

A couple of weeks ago, Bitcoin was trying to break above 80,000, but each time it pulled back. Now, the situation has slightly improved — the price has increased by a third of a percent over the last day. But this is more of a consolidation than a real growth. There is a lot of uncertainty in the cryptocurrency market right now due to macroeconomic factors.

It’s interesting to observe how traditional financial instruments influence the cryptocurrency market. Previously, Bitcoin was positioned as an independent asset, but in practice, it moves together with other risky assets. When investors are nervous about oil or the economy as a whole, alternative assets are the first to suffer. I will keep an eye on how this develops further.