Bitcoin is trading around $83,000, down approximately 1.8% over 24 hours, as the cryptocurrency market consolidates. President Trump rejected Iran’s seven-day plan to end hostilities and reopen the Strait of Hormuz, pushing Brent crude back above $100 per barrel while strengthening the dollar and lifting Treasury yields. This combination weighs on non-yielding assets like Bitcoin and gold. Traders are pricing roughly a 64% chance of another Federal Reserve rate hike on October 28, keeping pressure on risk assets. The total cryptocurrency market capitalization stands at approximately $2.86 trillion, down 1.7% on the day.
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