Bitcoin Tumbles Below $83,000 as Oil Prices Soar

Rising oil prices and bond yields have put pressure on the cryptocurrency market, causing Bitcoin to briefly drop below $83,000.

The price of Brent crude oil approached $108 per barrel after Iran's refusal to soften its demands regarding the Strait of Hormuz led to failed negotiations.

This has reinforced expectations that inflation may accelerate again and the US Federal Reserve may raise interest rates, causing investors to reduce their leveraged crypto positions.

As a result, over $500 million in positions were liquidated in the market, with Bitcoin losing nearly 2% of its value over the last 24 hours.