Bitcoin Falls as Dollar Strengthens and Oil Prices Soar
Bitcoin's price fell towards $83,000 on September 28 as several factors weighed on its value. The US dollar strengthened, reaching a two-month high, and interest rates remained elevated due to rising inflation expectations. Higher oil prices also added pressure, with Brent crude increasing by around 1.5% to 1.6%.
The surge in oil prices is particularly concerning because of the Strait of Hormuz's importance to global energy markets. Roughly 20% of the world's oil supply passes through this waterway, and tensions between the US and Iran have deteriorated over the weekend.
Despite these headwinds, Bitcoin spot exchange-traded funds (ETFs) continued to attract capital last week. The funds recorded $2.39 billion in net inflows during the five trading sessions through September 25, with Monday's intake being the largest at $999 million.