Summary
- Bitcoin fell below the $80,000 mark and was trading at $79,898.83.
- Major altcoins including Ether (ETH), XRP, and Solana (SOL) were also broadly weaker.
- Developments in the Middle East and moves in global oil prices are being watched as key factors shaping Bitcoin's near-term direction.
Forecast Trend Report by Period
Bitcoin fell below $80,000 as rising geopolitical tensions over the possibility of renewed U.S. and Israeli strikes on Iran weighed on sentiment.
As of 8:28 a.m. on October 26 in Seoul, Bitcoin was trading at $79,898.83 on Binance's USDT market, down 0.84% from a day earlier. On Upbit, it was trading at 107.089 million won, down 1.32%.
Major altcoins also weakened across the board. Ether fell 1.33% to $2,321.97, while XRP dropped 0.53% to $1.2925. Solana was also down 1.33% at $101.25.
The decline came as military tensions in the Middle East escalated again, curbing appetite for risk assets. Reports over the weekend said the U.S. and Israel were preparing plans to strike Iran again after the U.S. midterm elections on November 3, deepening geopolitical uncertainty.
The renewed tensions in the Middle East also drove oil prices sharply higher. Brent crude rose more than 6% on October 24 to near $117 a barrel, while West Texas Intermediate climbed above $103 a barrel.
Higher oil prices are adding pressure to digital assets because they could fuel inflation and narrow the Federal Reserve's room to maneuver on monetary policy. The market is watching developments in the Middle East and moves in global oil prices as key factors shaping Bitcoin's near-term direction.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.