Bitcoin Tumbles as US-Iran Hostilities Send Oil Prices Soaring

Bitcoin's strong rally in August has come to an abrupt end, as renewed US-Iran hostilities and persistent uncertainty over interest rates weigh on risk-driven assets.

The world's biggest cryptocurrency fell 0.2% to $77,132.6 by 18:07 ET (22:07 GMT), after logging nearly 25% gains in August.

U.S.-Iran tensions are rising again, with both sides trading strikes overnight on Tuesday, marking the worst hostilities between the two countries in over a month.

The renewed fighting has sent oil prices soaring, which in turn is factoring into concerns over surging energy-driven inflation across the globe.