Bitcoin nears $84,000 amid oil price drop

Bitcoin's value rose to approximately $84,000, partially recovering from last week's losses, aided by a 2% decline in oil prices amid hopes for a ceasefire between Russia and Ukraine. This development boosted market stability and increased investor confidence in high-risk assets. The rally followed a surprise announcement from U.S. President Donald Trump regarding a "power truce," which helped ease inflation concerns and pushed oil prices higher. Other cryptocurrencies also saw gains, with Ethereum up by 2.4% and XRP by 1.1%. Despite these gains, Bitcoin saw outflows from funds totaling $681 million—its largest since June—as investors taken profits after a strong third quarter. However, October is historically regarded as a positive month for Bitcoin.

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