Crypto Observers Warn of Risk Aversion as Oil Prices Top $93

"The impact on inflation will keep U.S. rates higher for even longer, which will keep the U.S. dollar strong, which will also hurt developing economies and oil importers," Acheson added.tightens financial conditions globally

, a bearish outcome for risk assets. Historically, bitcoin has mainly moved in the opposite direction of the dollar index. "Looking ahead, the recent surge in oil prices will make things even more complicated as it will both worsen the economic slowdown but also push up inflation . Balancing growth and inflation will become even harder, and future interest rate decisions will not only be determined by these two variables but also by central banks' credibility," analysts at ING said.

"The current surge in inflation is different in that real wage growth turned negative quickly, which has slowed consumer demand drastically. This makes the chances of a prolonged second spike in inflation much smaller," the analysts added.

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