UPDATE: Bitcoin drops under $80,000 as US Middle East evacuations reported
CIE News ·
Update to Bitcoin drops nearly 2% below $80,000 as traders cut risk before Fed meeting
Based on reporting by Decrypt; not yet independently confirmed.
Bitcoin fell below $80,000 following reports of US personnel evacuations in the Middle East. Previously tied solely to Fed meeting de-risking, the slide comes amid cited Iranian threats.
Bitcoin (BTC) dropped below $80,000 following a Wall Street Journal report on Saturday that the United States is rapidly evacuating personnel from Middle East embassies and military bases, Decrypt reported. As previously reported, market observers had initially attributed the drop to traders de-risking before Wednesday's Federal Reserve interest rate decision. According to Decrypt, a Friday memo from Director of National Intelligence Jay Clayton to Secretary of State Marco Rubio stated that Iran has substantially increased efforts to target U.S. personnel.
BTC touched a low of about $79,800 on Monday before trading around $80,160, marking a 2.4% weekly decline, according to reports from CoinDesk and Decrypt. CoinDesk reported that BTC needs to regain the $82,500 level, which served as support until last Thursday, to confirm the dip as a temporary pause. CoinDesk also cited BTSE chief operating officer Jeff Mei, who noted that escalating tensions between the U.S. and Iran, combined with high oil prices, could lead the Fed to take a more aggressive monetary stance.
Key facts
- BTC traded below $80,000
- US evacuating Middle East bases
- BTC down 2.4% on the week
- Fed decision set for Wednesday