Last Updated on 11/08/2026
Bitcoin dropped under the $65,000 mark on Monday, retreating as higher oil prices dampened investor appetite for risk. Market sentiment was also affected by another Bitcoin sale from major corporate holder Strategy.
The leading cryptocurrency was down 1.6%, trading at $64,147.9 as of 17:00 ET (21:00 GMT).
Traders focus on U.S. inflation data for Federal Reserve signals
Bitcoin and the broader crypto market gained support on Friday after U.S. employment data revealed the first monthly decline in nonfarm payrolls since February, driven largely by losses in local government education jobs. Payroll figures for May and June were also revised down by a combined 103,000 positions.
The labor report added uncertainty to the Federal Reserve’s policy outlook. While the broader job market continues to show resilience, inflation concerns remain elevated due to volatile oil prices linked to the conflict involving Iran. Some Fed officials also indicated a preference for tighter monetary policy during the central bank’s July meeting.
Following the data release, traders reduced expectations for a September interest-rate increase. Higher borrowing costs typically reduce demand for risk-sensitive assets, including cryptocurrencies.
Investors are now turning their attention to a series of key U.S. inflation reports this week for further guidance on the Fed’s next moves. The July Consumer Price Index (CPI) is due on Wednesday, followed by the Producer Price Index (PPI) on Thursday, while July retail sales data will be released on Friday.
Oil surge and Hormuz tensions weigh on crypto sentiment
Oil prices jumped nearly 5% on Monday after Iran rejected direct negotiations with the United States and reiterated that a full reopening of the Strait of Hormuz would depend on Washington meeting a series of demands. Concerns over global energy supplies intensified further following attacks by Iran-backed Houthi forces on Saudi energy facilities, prompting investors to seek safety in the U.S. dollar.
Crude prices had fallen the previous week on optimism surrounding potential U.S.-Iran talks. However, those losses narrowed as Tehran repeatedly denied claims of ongoing negotiations and reports emerged that a proposed Hormuz management framework could restrict access for U.S., Israeli, and other vessels deemed hostile.
Iranian state media reported that a parliamentary committee had approved the framework, including the proposed restrictions. Foreign Ministry spokesman Esmaeil Baqaei said Iran and Oman were still working on a joint statement governing the strait, adding that the plan would establish monitoring mechanisms for vessel traffic and involve compensation arrangements.
Tehran also reaffirmed that direct talks with Washington remain off the table, citing alleged breaches of the temporary peace agreement reached in June. Iranian officials maintained that lifting sanctions, ending the U.S. naval presence, and compensation for wartime damages are prerequisites for fully reopening the strategic waterway.
U.S. President Donald Trump responded by stating that Iran’s compensation demands would be met with U.S. claims for damages as well, adding that his negotiating team had been instructed to include the issue in any future discussions.
Strategy trims Bitcoin holdings
Separately, Strategy disclosed in a filing with the U.S. Securities and Exchange Commission that it sold 1,690 Bitcoin between August 3 and August 9 for approximately $108.6 million, at an average price of $64,262 per coin.
Following the sale, the company’s Bitcoin holdings declined to 840,447 BTC, currently worth about $54.7 billion. Strategy’s average acquisition cost remains around $75,385 per Bitcoin, representing a total investment of roughly $63.4 billion, including related expenses.
The transaction came shortly after the company raised $653.1 million through the sale of more than 6.5 million shares of MSTR stock. Strategy said the proceeds were used to repurchase over 1.15 million shares of its STRC preferred stock and strengthen its cash position, which stood at $4.65 billion as of August 9.
Altcoins track Bitcoin lower
The broader cryptocurrency market also traded in negative territory on Monday, with most major altcoins posting losses alongside Bitcoin.
- Ethereum declined 2.4% to $1,877.78.
- XRP dropped 2.3% to $1.0189.
- Solana lost 1.3%.
- Cardano fell 2.6%.
- Dogecoin slipped 1%.
The pullback across digital assets reflected a combination of risk-off sentiment driven by geopolitical uncertainty, rising energy prices, and investor caution ahead of key U.S. inflation data later this week.
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