Bitcoin drops 2.2% as Ukraine, Iran strikes send oil toward one-month high

Bitcoin (BTC) gave back early-week gains into Monday’s Wall Street open as doubts compounded over a Russia-Ukraine “energy ceasefire.”Key points:Bitcoin reached $84,250 before falling 2.2% amid market nerves over oil supplies and the Russia-Ukraine “energy ceasefire.”Analysis saw too much “risk premium” priced in to oil markets in the face of improving shipping volumes.BTC options traders positioned “defensively” while keeping $90,000 and above on the table. Bitcoin pressured as Brent crude oil rises above $107Data from TradingView showed BTC/USD reaching $84,254 on Bitstamp, its highest level since Wednesday, before dropping up to 2.2%. BTC/USD one-hour chart. Source: Cointelegraph/TradingViewThe retreat came as Ukraine president Volodymyr Zelenskyy accused Russia of continuing to target energy infrastructure despite US president Donald Trump announcing a moratorium on such strikes. Elsewhere, Iran reported that an oil tanker had been hit and was ablaze in the Strait of Hormuz.Oil prices reacted sharply, with WTI crude spiking past $94 per barrel and Brent crude reaching $107.25 — its highest since Sept. 16.CFDs on Brent crude oil four-hour chart. Source: Cointelegraph/TradingView...