Bitcoin and Altcoins Suffer Decline Amid Rising Oil Prices

Bitcoin's price fell to $83,000 on Monday, down 1.7% since midnight UTC and 2.1% over 24 hours.

The decline was not isolated to Bitcoin, with the altcoin market also taking a hit, as 91 of the 100 CoinDesk 100 constituents were lower on the day.

Among these, quant (QNT) fell 16%, indexing protocol token the graph GRT dropped 12%, and tokenization token ondo ONDO lost 12%.

The trigger for this decline appears to be external to the crypto market, with President Donald Trump's rejection of Iran's terms for reopening the Strait of Hormuz contributing to a rise in oil prices.