Bitcoin Tumbles as Iran-US Tensions Escalate

Bitcoin's price pulled back toward $84,000 as renewed tensions between the US and Iran put pressure on risk assets. The cryptocurrency had reached above $87,000 earlier in the week after gaining about $20,000 since mid-August.

The retreat came after Iran proposed a seven-day process to reopen the Strait of Hormuz and end attacks in the region. Iranian Foreign Minister Abbas Araqchi said 'If there is seriousness on the US side to come to a deal and reopen the Strait of Hormuz, everything is now prepared.'

The development reverses expectations created by President Donald Trump's earlier claim that the war would end immediately after the elections.