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Bitcoin Is Having a Very Weird Oil Crisis 😬 Oil moved above 90 as tensions in the Middle East escalated, Treasury yields climbed, expectations for a September Fed hike increased... and 🟠$BTC basically sat there around $78K–$79K. I find that reaction more interesting than another 5% move would have been. Bitcoin is supposed to sit somewhere between a risk asset, alternative monetary asset and "digital gold," depending on who you ask. This time, at least initially, it mostly chose "do nothing."