Bitcoin Crumbles Near $83K Amid Rising Oil Prices and Stronger Dollar

Bitcoin's price has dropped to around $83,340 on September 28, down roughly 1.2% over the past 24 hours.

The decline is attributed to rising oil prices, elevated US Treasury yields, and a stronger dollar.

Brent crude rose by 1.5% to 1.6% towards $106 per barrel after tensions between the US and Iran deteriorated over the weekend.

Higher oil prices have kept inflation risks in focus because energy costs can feed into transport and production expenses.

The Strait of Hormuz is particularly important to energy markets, with roughly 20% of global oil supply passing through the waterway.