Bitcoin falls more than 2% as oil prices surge above $105

  • Bitcoin fell as oil prices climbed above $105 amid renewed Middle East conflict.
  • $76,748 marked Bitcoin's intraday low, leaving it more than 2% lower over 24 hours.
  • August performance benefited from Treasury buyback plans that weakened the dollar and supported alternative assets.

Bitcoin fell more than 2% to briefly reach $76,748 as oil prices climbed above $105 a barrel amid renewed Middle East tensions and attacks on Saudi Arabian assets. The resulting energy-supply and inflation concerns reduced expectations for interest-rate cuts and increased bets that the Federal Reserve could raise rates at its next policy meeting. Federal Reserve Chair Kevin Warsh said U.S. inflation had not fallen enough, adding pressure to risk assets. Bitcoin had entered September after a strong August performance, when U.S. Treasury plans to at least double liquidity-support buyback operations weakened the dollar and supported Bitcoin and gold as alternative assets. Market attention is now focused on Middle East developments, oil prices, and the Federal Reserve meeting next week.

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