India, July 22 -- Sentiment in the cryptocurrency market, which of late appeared firmly tethered to the vagaries of the global AI trade has again renewed its tryst with monetary policy, interest rates and inflation combat. An unabated spike in crude oil prices triggered by the disruptions to oil transit through the Strait of Hormuz as well as the Red Sea are forcing cryptocurrencies to diverge from the price trajectory of chip makers and memory stocks.
The massive spike in crude oil prices has stoked fresh flare-up in inflation expectations and fears of higher interest rates. With crude oil prices climbing to a six-week high, Bitcoin has retreated from the five-week high of $66,910 recorded a day earlier and is currently trading near $66,0...