Bitcoin slips below $80,000 as Saudi energy disruption pushes oil toward $100

  • Bitcoin traded below $80,000 as oil prices rose after Saudi energy facilities were disrupted.
  • Bitcoin stood near $78,300, down 1.52% over 24 hours and up 20% over 30 days.
  • The Bureau of Labor Statistics scheduled August CPI for Sept. 11 at 8:30 a.m. Eastern.

Bitcoin traded near $78,300 on Sept. 8, down 1.52% over 24 hours but still up 20% over 30 days, as oil prices approached $100 a barrel after attacks disrupted some Saudi energy facilities. Reuters, citing Saudi authorities, reported that operations halted Tuesday following attacks by Yemen's Houthi movement. Brent crude futures reached $99.46 before trading near $98.63, while spot Brent touched $101 before European trading began. The immediate inflation data will not capture the disruption: the Bureau of Labor Statistics has scheduled August's Consumer Price Index for Sept. 11 at 8:30 a.m. Eastern, while September's reading is due Oct. 14. July CPI rose 0.1% monthly and 3.4% annually, with core prices up 0.2% monthly and 2.5% annually. Fed Governor Christopher Waller said continued disinflation would support holding rates, while hot August inflation or renewed energy-price increases could raise the case for a hike. The labor backdrop includes 162,000 jobs added in August and 4.1% unemployment. Bitcoin's near-term outlook therefore depends on whether cooler inflation arrives alongside easing energy pressure or persistent expensive oil complicates the case for a Federal Reserve hold.

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