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Oil fears rekindled by Hormuz closure - what to watch for bitcoin this week

Bitcoin rose 3.71 percent on the day to around $74,000, but a jump in oil prices tied to the breakdown of U.S.-Iran talks and the closure of the Strait of Hormuz could increase short-term volatility by adding to inflation and monetary-policy uncertainty. Cointelegraph highlighted factors including this week’s U.S. producer price index data, the market’s limited pricing of rate cuts, profit-taking near $70,000 and signs of easing selling pressure alongside stronger long-term holder demand.