Bitcoin Dips Below 81,000 USD as U.S. Inflation Rises and Oil Prices Surge

Bitcoin is trading in the 81,000 USD range as inflationary pressures mount in the U.S. and global oil prices strengthen. Growing inflation concerns continue to dampen investor sentiment in the cryptocurrency market.

As of 9:15 a.m. (KST) on Thursday, Bitcoin was trading at approximately 110.66 million KRW (about 82,400 USD) on the South Korean cryptocurrency exchange Bithumb, down 0.41% from the same time the previous day.

Simultaneously, global cryptocurrency tracker CoinMarketCap reported Bitcoin at 81,493 USD, a 1.90% increase from 24 hours earlier.

U.S. inflation figures exceeded market expectations, heightening caution towards risk assets. On Wednesday, the U.S. Bureau of Labor Statistics reported that September's Consumer Price Index (CPI) rose 3.7% year-over-year, surpassing the anticipated 3.6%. Core CPI also climbed 2.6%, outpacing the projected 2.5%.

Surging oil prices further stoked inflation fears. West Texas Intermediate (WTI) crude futures settled at 95.09 USD per barrel, up 1.01% from the previous session, driven by supply disruption concerns amid geopolitical tensions in the Middle East.

Analysts warn that persistent inflationary pressures could amplify cryptocurrency price volatility. Utkarsh Ahuja, founder of Munpersh Capital, cautioned that rising prices could push up Treasury yields and strengthen the dollar, potentially putting downward pressure on cryptocurrencies.

BlackRock's Crypto Assets Under Management Soar 63% in Q3, Hitting 79.6 Billion USD

BlackRock, the world's largest asset manager, saw its cryptocurrency assets under management (AUM) surge by over 60% in the third quarter of this year.

According to reports on Wednesday, BlackRock's cryptocurrency AUM reached 79.6 billion USD by the end of September, marking a 63% jump from 48.8 billion USD at the end of June.

Of the 30.8 billion USD increase, 22.9 billion USD came from cryptocurrency price appreciation, while 7.9 billion USD was attributed to net investor inflows. However, the current AUM still lags 23% behind the same period last year when it stood at approximately 104 billion USD.

AI Agents Execute Over 138 Million Crypto Transactions via x402 Protocol

Artificial intelligence (AI) agents are rapidly increasing their use of cryptocurrencies to directly purchase digital services such as data and computing resources.

On Wednesday, blockchain analytics firm Chainalysis reported that AI agents have conducted over 138 million cryptocurrency transactions through Coinbase's x402 payment protocol.

More than 87% of all x402 payments were microtransactions ranging from 0.01 USD to 0.10 USD. Notably, U.S.-related wallets dominated payments for AI model inference services, accounting for 88.1% of identifiable transactions, while China represented just 0.1%.

White House Crypto Policy Chief Patrick Witte Steps Down

Patrick Witte, who spearheaded cryptocurrency policy at the White House, has resigned following the completion of his temporary assignment.

On Wednesday, a White House official confirmed that Witte's term had concluded. Witte, on assignment from the U.S. Department of Defense, served on the White House Digital Assets Advisory Council, focusing on cryptocurrency policy matters.

During his tenure, Witte led negotiations between Congress and industry stakeholders on the CLARITY Act, a bill aimed at structuring the cryptocurrency market. However, the legislation failed to clear procedural hurdles in the Senate last month. The White House has yet to announce Witte's successor.

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Is Bitcoin's 81,000 USD Struggle a Sign of Bigger Issues? Expert Insights on Inflation and Crypto