Bitcoin Slides as US-Iran Tensions and Rate Jitters Take Hold

Bitcoin fell 0.2% to $77,132.6 on Wednesday, marking an end to its strong August rally.

The decline came as renewed U.S.-Iran fighting and persistent rate jitters weighed on risk-driven assets.

Renewed military action between the two countries led to a surge in oil prices, which contributed to higher energy-driven inflation globally.

This, in turn, put pressure on government bond yields across major economies, including Japan, Australia, the U.S., and Europe.