Bitcoin began trading on October 1 at $84 000. Following the release of US labor market data and shifts in Federal Reserve rate-hike expectations, the price climbed toward $87 000. However, the asset finished the day back at its opening price, experiencing a fluctuation in market capitalization of $50 billion within 24 hours.
The volatility coincided with reports from the United Kingdom Maritime Trade Operations regarding an attack on an oil tanker in the Strait of Hormuz at 11:22 UTC. While the vessel sustained a fire and a temporary power outage, no casualties were reported. This incident marks the sixth tanker attack in the region this week and follows 16 similar events recorded in September.
Despite the geopolitical tension, oil prices remained relatively stable. US crude traded near $93.70, while Brent spot prices hovered around $106.30. Brent futures had previously declined by 2.89% to $99.35, driven by reports that the European Union and the International Energy Agency were considering releasing oil stockpiles.
Market analysts attribute the ongoing risk premium to increased US military presence, including the deployment of Patriot missile batteries to Saudi Arabia and Qatar, alongside the movement of a third carrier strike group. Bitcoin has now faced rejection at the $87 000 resistance level three times over the past two weeks, specifically on September 22, 23, and October 1.
