Bitcoin’s price has dropped further, sliding with other assets as the oil price continued to climb and the Federal Reserve made a hawkish statement.
The price of the leading asset recently stood at $81,203 after dropping as low as nearly $80,922 at one point on Thursday morning in New York.
Over the past day, bitcoin’s price has shed nearly 3% of its value; over a seven-day period, it’s down by 4%.
Just last week, the coin seemed to be closing in on the $90,000 mark after a phenomenal September rally and one of its best quarters in years.
But so-called Uptober — the month of October typically gives bitcoin investors good returns — is starting slow on a surging oil price.
This week, the price of Brent crude has jumped following renewed attacks on tankers in the Strait of Hormuz. U.S. President Trump also hinted that talks with Iran weren’t going the way he wanted.
A surging oil price this year has — at least in the short-term — hurt the price of bitcoin and other “risk-on” assets because it increases the chances of the U.S. central bank raising interest rates. Bitcoin has in the past done well with low interest rates because of increased liquidity.
In a speech Thursday, Federal Reserve Governor Christopher Waller also said further interest-rate hikes will likely be needed to slow inflation. He did add that there was “flexibility” about the pace of increases.
Oil prices have jumped since the U.S. and Israel attacked Iran in February, which resulted in the closure of the Strait of Hormuz in retaliation by Iran. Higher oil prices have meant sticky and climbing prices around the world — including in the States.
But bitcoin’s price in September appeared to shrug off comments by the new Federal Reserve Chair, Kevin Warsh, and jumped despite the central bank raising interest rates.
Despite the bitcoin price dip, the coin, according to some analysts, has entered a bull market again. The biggest cryptocurrency spent most of 2026 in a bear market after reaching record highs in October 2025. It is currently more than 30% below its record of $126,080.
