Binance Research: Surging oil prices could impact crypto market

The recent surge in international oil prices could become a variable for the cryptocurrency market, Binance Research noted in a March 11 report. The report explained that while the U.S. February Consumer Price Index (CPI) met expectations with a 2.4% year-over-year increase and brought relief to the market, this figure does not reflect the impact of the recent situation in the Middle East and the spike in oil prices. Binance Research suggested that real inflationary pressure is more likely to appear in the March and April data, which could in turn affect the Federal Reserve's future interest rate cut policies. As the crypto market is correlated with macroeconomic factors, the report advised that these indicators should be closely watched. It also added that the recovery of spot ETF inflows will be key to determining the market's turning point after the recent downturn.