According to Bitcoin Magazine, on Thursday, October 22, Bitcoin fell nearly 4% to lows of $81,331 after oil prices jumped above $110, triggering inflation concerns. The cryptocurrency had climbed near $85,000 on Wednesday following tech stock gains, but Middle East tensions and Houthi attacks on Saudi Arabia raised oil supply disruption fears. Rising oil prices increase expectations of potential U.S. Federal Reserve interest rate hikes, which typically pressure Bitcoin and other risk-on assets in the near term.

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