Bitcoin Price Wobbles Amid Macro Uncertainty
The Bitcoin price has begun to wobble after a recent rally as macroeconomic risks and uncertainty weigh on risk assets. The cryptocurrency fell by as much as 2.2% to $82,702 before recovering some losses.
This decline is attributed to the broader market's reaction to US President Donald Trump rejecting Iran's proposal to reopen the Strait of Hormuz and the extension of oil gains. Additionally, markets are digesting the Federal Reserve's interest rate hike earlier this month, with traders pricing in a possible additional increase in October.
The recent pullback follows a brief surge that pushed Bitcoin above $87,000, its highest level since January. Institutional demand has picked up, with Bitcoin exchange-traded funds (ETFs) attracting their largest weekly net inflows since last October.