Bitcoin Falls as Dollar Rises, Geopolitical Tensions Persist

Dow Jones10-06 15:02

0702 GMT - Bitcoin falls as the dollar rises on U.S. interest-rate rise expectations and as Middle East tensions persist. The U.S. ISM services purchasing managers' index fell to 54.9 in September from 55.4 in August but the prices paid index rose to 74 from 72.6, supporting the case for further rate hikes. That shows U.S. activity remains resilient even as it cools but persistent cost pressures mean inflation risks haven't disappeared, Zaye Capital Markets analyst Naeem Aslam says in a note. "With no major U.S. economic release scheduled today, we expect bitcoin to remain particularly sensitive to Treasury yields, the dollar, exchange traded fund flows and any fresh geopolitical developments." Bitcoin drops 0.6% to $85,297, LSEG data show.

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