Bitcoin extended its weekly decline on Thursday as rising oil prices and tougher comments from the Federal Reserve increased concern that interest rates could remain higher for longer.
The cryptocurrency fell to nearly $80,922 during Thursday morning trading in New York before recovering slightly to about $81,203, according to Bitcoin Magazine. Bitcoin was down almost 3% over 24 hours and 4% over seven days at the time of that report.
The move came only a week after bitcoin appeared to be approaching $90,000, following a strong September rally and one of its best quarters in years. The traditionally stronger October period for bitcoin, sometimes called “Uptober,” has therefore begun under pressure.
Oil and Fed Signals Weigh on Risk Assets
Brent crude has risen sharply this week after renewed attacks on tankers in the Strait of Hormuz. U.S. President Trump has also indicated that discussions with Iran were not progressing as he had hoped.
The broader oil-market backdrop has been developing since U.S. and Israeli attacks on Iran in February, which were followed by Iran’s retaliation and the closure of the Strait of Hormuz. More expensive oil can contribute to persistent inflation, increasing pressure on central banks to keep interest rates high or raise them further.
That matters for bitcoin because the cryptocurrency has historically performed better in periods of lower interest rates, when financial liquidity is more abundant. Higher rates can make speculative or “risk-on” assets less attractive, putting bitcoin under pressure alongside other markets.
Waller Says More Increases May Be Needed
Federal Reserve Governor Christopher Waller added to the market’s concerns in a speech on Thursday. He said additional interest-rate increases would probably be necessary to slow inflation, while also noting that the central bank had flexibility over the pace of those increases.
The comments contrast with the sharp bitcoin advance seen in September, when the cryptocurrency rose despite remarks from new Federal Reserve Chair Kevin Warsh and a rate increase by the central bank. The latest decline shows how quickly energy prices and expectations for monetary policy can affect sentiment toward digital assets.
Bitcoin has spent much of 2026 in a bear market after reaching a record $126,080 in October 2025. Even after its recent gains, it remains more than 30% below that peak. Some analysts nevertheless consider the cryptocurrency to have entered a new bull market.
Moneyiar Market Picture
Moneyiar market data at 21:59 on October 8, 2026, showed bitcoin at $81,627.08, down 1.81% over 24 hours and 3.44% over seven days.
Other assets in the Moneyiar data showed mixed performance:
- Aethir was priced at $0.006347, down 4.39% in 24 hours but up 9.17% over seven days.
- Purr stood at $0.114467, down 7.66% over 24 hours and 29.58% over seven days.
- RedStone traded at $0.143860, down 3.81% in 24 hours and 18.24% over seven days.
