Crypto Stocks Slide as Bitcoin Tests $65k amid Oil Shock, Fed Repricing

Bitcoin traded around $66,000, down about 4% on the day as of 21:33UTC. Investors are also pricing in a lower likelihood of near-term US Federal Reserve rate cuts after rising energy costs pushed inflation expectations higher.

Oil spike drives macro reset 

The decline in digital assets accompanied a surge in oil prices, driven by disruptions in the Strait of Hormuz and concerns over escalating tensions in the Middle East. Oil has climbed about 13% since Wednesday’s low.

The jump has reignited inflation concerns and lifted bond yields, with the US 10-year Treasury yield climbing close to 4.5%, its highest level since July 2025.

US Secretary of State Marco Rubio told reporters after meeting G7 counterparts in France that Washington was “on or ahead of schedule” in its operation against Iran and expected to conclude it “in a matter of weeks, not months.” He added that the US was deploying some troops to the region to give the President "maximum optionality."

Crypto equities lead losses 

Exchange operator Gemini (GEMI) fell more than 10% to $4.11, marking the steepest decline among listed crypto firms and extending a weak run that has seen the stock slide 31% this week. Coinbase extended weekly losses to 19%, while miners Riot Platforms (RIOT) and CleanSpark (CLSK) declined 8.6% and 6.9% respectively.

Cost pressure 

Higher energy costs are compounding pressure on miners already facing falling Bitcoin prices. The broader risk-off mood has hit crypto stocks particularly hard as investors reassess the sector’s sensitivity to macro shocks.