Oil Prices Plummet, Bitcoin Stabilizes at $86K

Bitcoin's price hovered around $86,000 on Tuesday as crude oil prices hit their lowest levels in nearly three weeks. The drop in oil prices was caused by reports that Saudi Arabia had reopened the East-West Pipeline, a key oil-supply route.

US President Donald Trump told the UN General Assembly in New York that a deal to end the US-Iran war could come after November's midterm elections. 'I believe we'll make a deal right after the election because it doesn't make sense for them not to,' he said.

WTI crude oil dropped to near $89 per barrel, its lowest level since Nov. 4, before reversing toward $92. Bitcoin tested the strength of its new support at $86,000 as oil prices dropped below $90.