Bitcoin Slumps Amid Rising Oil Prices, Stronger Dollar

Bitcoin's price fell to around $83,340 on September 28 as rising oil prices and elevated US Treasury yields put pressure on the market.

The decline was exacerbated by a stronger dollar, which rose to a two-month high due to expectations of further interest rate increases from the Federal Reserve.

Oil prices jumped after tensions between the US and Iran escalated over the weekend, with Brent crude rising 1.5-1.6% to around $106 per barrel.

This increase in oil prices has kept inflation risks in focus, as energy costs can feed into transport and production expenses.

US Treasury yields remained elevated, with the 10-year yield trading at around 5.2% and the 30-year yield near 5.52%, tightening financial conditions and raising the return available on government debt.