Bitcoin fell about 1.8% to around $83,000 after President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz on Monday, Sept. 28, stalling a rally that had lifted the cryptocurrency 28% since Aug. 19. Brent crude climbed above $100 a barrel, rising 3.2% on the day, as markets assessed the potential inflationary impact of higher oil prices. Traders are also digesting a recent Federal Reserve rate hike and assigning a 70.3% probability to another increase in October, up from 64.2% a day earlier, while the 10-year Treasury yield rose above 5.2% and the 30-year yield topped 5.3%. Despite the pullback, Bitcoin remains on track for its strongest quarterly performance since the fourth quarter of 2024. Bitcoin.com News recently described oil’s influence on bitcoin as mixed, but said this week’s market reaction fell into the yes column.