Bitcoin rose slightly on Monday, recovering some of its losses after two consecutive weeks of decline, as lower global oil prices helped ease pressure on high-risk markets.
The world's largest cryptocurrency rose 1.3% to $82,783.10 by 9:00 AM Saudi Arabia time, after falling by about 2% in each of the past two weeks.
Bitcoin has been fluctuating between $80,000 and $87,000 for a month, under multiple pressures, most notably rising US Treasury yields and a sell-off in technology stocks, which damaged sentiment towards cryptocurrencies and triggered a wave of capital outflows.
Other cryptocurrency prices also rose on Monday, but remained confined to specific trading ranges due to limited support factors.
The decline in oil prices is providing some relief for Bitcoin.
Bitcoin and cryptocurrency markets managed to curb some of their recent declines following the sharp drop in oil prices on Monday, after US President Donald Trump signed an order lifting sanctions on Russian oil.
Despite resistance to the decision from European leaders, Ukraine, and a number of American policymakers, the prospect of increased Russian exports points to a rise in oil supply, which could help offset the growing global fuel shortage.
The decline in oil prices has also contributed to increased bets that inflation will not be as severe as feared in the coming months, meaning that global central banks may not have to raise interest rates as much.
This scenario is particularly advantageous for Bitcoin, as rising interest rates increase the opportunity cost of investing in speculative assets that do not generate returns.
However, markets are still anticipating a further interest rate hike by the Federal Reserve later in the year, amid growing signs that US inflation is clinging to its high levels.
Cryptocurrency prices today: Altcoins rise following Bitcoin's lead, but remain within a limited range.
Cryptocurrency prices rose overall on Monday, but remained clearly within the trading ranges that have established themselves over the past month.
Ether, the world's second-largest cryptocurrency, rose 0.9% to $2,432.60, while XRP rose 1.3%.
Solana rose by 2%, Cardano increased by 0.4%, while BNB added 0.9%.
The meme currencies were mixed, with Dogecoin rising by 0.5%, while $TRUMP fell by 2%.
