Bitcoin Tumbles Amid US-Iran Tensions and Rate Jitters

Bitcoin fell by over 1% to $76,910.6 on Wednesday as renewed U.S.-Iran tensions and rate jitters weighed on risk-driven assets.

The world's largest cryptocurrency had rallied nearly 25% in August, but this momentum stalled in September due to the resurgence of U.S.-Iran military action and concerns over surging energy-driven inflation.

Higher oil prices factored into worries about global inflation, leading government bond yields across Japan, Australia, the U.S., and Europe to surge.

This increase in yields boded poorly for speculative assets like Bitcoin, which had primarily benefited from a drop in yields in August.