Oil Prices Climb Back Above $110 While Crypto Stocks Lose Up to 48% in a Month: Miners Are Falling Even Faster

Brent crude traded at $110 a barrel on Friday, October 23, after Iran’s Revolutionary Guard said it had attacked tankers near the Strait of Hormuz. Crypto stocks are absorbing far more of the damage than Bitcoin itself. Riot Platforms and MARA Holdings have lost almost half their value in a month, while Bitcoin is down 5.6%. Rising oil prices are only part of the reason. The Bitcoin price sits at $81,540, down 0.3% in 24 hours. So what is driving oil higher, and why are crypto stocks falling so much faster than the coin they track?