Bitcoin
Bitcoin Drops Below $77,000 as Middle East Conflict and Oil Prices Fan Inflation Fears
Rising energy costs and hawkish monetary policy expectations weighed on cryptocurrency markets following renewed geopolitical tensions in the Middle East.
Bitcoin retreated more than 2% over 24 hours, briefly touching an intraday low of $76,748 before stabilizing near $77,208. The decline coincided with a surge in crude oil above $105 per barrel following escalating confrontations between Iranian and U.S. forces, alongside attacks on Saudi Arabian assets by Tehran-aligned Houthis in Yemen.
The resulting concerns over energy supply disruptions stoked fears of persistent inflation across global markets. Higher fuel and transportation expenses reduce the likelihood of central bank monetary easing, prompting market participants to increase bets that the Federal Reserve could implement an interest rate hike at an upcoming policy meeting. The hawkish shift was reinforced by Federal Reserve Chair Kevin Warsh, who stated that U.S. inflation had not cooled sufficiently.
The recent pressure follows a strong August for Bitcoin, during which the asset drew support from U.S. Treasury plans to expand its liquidity buyback program. That intervention weakened the U.S. dollar and bolstered interest in non-yielding alternatives such as Bitcoin and gold, with the cryptocurrency exhibiting a closer correlation to bullion than to technology equities.
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