Bitcoin Falls Lower as Trump's Iran Snub Sends Oil, Yields Higher

What happened

Bitcoin extends last week's pullback as Trump rejects Iran's ceasefire plan, sending oil above $100 and yields higher ahead of Wednesday's PCE report. Decrypt News Markets Bitcoin Falls Lower as Trump's Iran Snub Sends Oil, Yields Higher Bitcoin extends last week's pullback as Trump rejects Iran's ceasefire plan, sending oil above $100 and yields higher ahead of Wednesday's PCE report.

In brief Bitcoin trades near $83,000, down about 1.8% over 24 hours, as most of the top 10 cryptocurrencies extend last week's cooldown. President Trump's rejection of Iran's seven-day plan to end the war and reopen the Strait of Hormuz pushed Brent crude back above $100 a barrel and lifted the dollar and Treasury yields.

Traders are bracing for Wednesday's PCE inflation report and Friday's jobs data, with CME FedWatch pricing roughly a 64% chance of another Fed hike on October 28. The Bitcoin rally that sent BTC soaring in August is once again being slowed today by forces largely outside of the crypto market’s control. Bitcoin is currently trading near $83,000, down about 1.8% over 24 hours, after a quiet weekend gave way to a rough Monday open.