Bitcoin Suffers 1.5% Loss as Gold Prices Plummet Amid Oil Price Surge

Bitcoin's price plummeted to $83,000 as gold prices dropped 3% on Monday morning. The decline in Bitcoin's value is attributed to a combination of factors including a surge in oil prices and increased bets on interest rate hikes.

Brent crude oil prices rose towards $108 a barrel after Iran refused to soften its demands for reopening the Strait of Hormuz. This development contributed to a rise in gold prices earlier, but it seems that investors are now shifting their focus to safer assets like bonds.

According to LVRG Research chief analyst Dan Khus, Bitcoin's pullback from last week's highs is likely due to profit-taking and a liquidation wave of over $500 million. However, Khus also noted that the cryptocurrency's price will depend on upcoming inflation readings and job market data.