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Bitcoin falls under $82,000 amid oil and rate concerns
Bitcoin's value dropped below $82,000, influenced by rising oil prices and geopolitical tensions in the Middle East, which dampened investors' risk appetite. The cryptocurrency declined by approximately 1.5% to around $81,511, after surpassing $83,000 in the previous session, amid ongoing difficulties in recovering from the previous high of $85,000. The price of oil reached its highest level in five months following attacks on Saudi targets, putting additional pressure on high-risk assets and intensifying inflation concerns, as gasoline prices increased by 9.1% in September. The market is mostly expected to keep the U.S. interest rate steady at 82% during the October meeting, with a 75% probability of a hike in December. The altcoin market also declined, with Ethereum falling by 2.2% to $2,385.92, and other cryptocurrencies decreasing between 1.2% and 2%.
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