Bitcoin rises near $84,000 as oil prices fall and tensions between Russia and Ukraine ease
$BTC
✅️Bitcoin rose during trading on Monday, nearing the $84,000 level, supported by falling oil prices amid hopes of a ceasefire between Russia and Ukraine. This helped ease pressure on markets tied to risk appetite.
The world’s largest cryptocurrency rose 0.9% to $83,893.2, after falling about 2% last week, weighed down by investment outflows from U.S. spot exchange-traded funds linked to it, according to CoinMarketCap data.
✅️Headwinds for Bitcoin
By contrast, Bitcoin faced pressure during the first week of October as investors moved to take profits following the currency’s strong performance in the third quarter. U.S. spot exchange-traded funds linked to it recorded net outflows of $681 million in the week ending October 9, the largest since late June.
Despite the currency’s weak start to the current month, October has historically been a period of strong performance for Bitcoin—a trend known in the cryptocurrency market as “Uptober.”
$BTC
✅️Bitcoin rose during trading on Monday, nearing the $84,000 level, supported by falling oil prices amid hopes of a ceasefire between Russia and Ukraine. This helped ease pressure on markets tied to risk appetite.
The world’s largest cryptocurrency rose 0.9% to $83,893.2, after falling about 2% last week, weighed down by investment outflows from U.S. spot exchange-traded funds linked to it, according to CoinMarketCap data.
✅️Headwinds for Bitcoin
By contrast, Bitcoin faced pressure during the first week of October as investors moved to take profits following the currency’s strong performance in the third quarter. U.S. spot exchange-traded funds linked to it recorded net outflows of $681 million in the week ending October 9, the largest since late June.
Despite the currency’s weak start to the current month, October has historically been a period of strong performance for Bitcoin—a trend known in the cryptocurrency market as “Uptober.”