Analysis: Bitcoin loses US jobs-driven gains after tanker attack blamed on Iran

Bitcoin started Friday, October 1, at $84,000. Disappointing US jobs data and falling Federal Reserve rate-hike odds triggered a rally that took Bitcoin near $87,000. However, Bitcoin ended the day back at $84,000, adding and losing $50 billion in a single day. Crypto markets reacted heavily to a tanker strike in Hormuz, while oil prices barely moved.

United Kingdom Maritime Trade Operations (UKMTO) issued a warning about the tanker strike on Friday. UKMTO is a Royal Navy-run center that tracks threats to merchant ships. The tanker's master reported the hit at 11:22 UTC during an outbound transit. The impact sparked a small fire and knocked out power on board. The crew extinguished the fire, and the ship kept moving. UKMTO reported no casualties or pollution.

The strike was the sixth tanker attack this week. Viral posts on X blamed Iran for the strike. However, UKMTO did not name the vessel or the attacker and said authorities were investigating. The Kuwait-flagged supertanker Kazimah III caught fire a day earlier after a similar strike. Seatrade reported that vessels faced at least 16 attacks in the strait in September.

Binance data showed Bitcoin failed to rise above the area near $87,000 for the third time in two weeks, following peaks on September 22 and 23. US crude spot traded near $93.70, up less than 0.25% on the latest price candles. Brent spot traded near $106.30, also up less than 0.25% on the latest price candles. The National reported that Brent futures had already fallen 2.89% to $99.35 earlier Friday. Reports that European Union and International Energy Agency members were weighing stockpile releases drove that decline.

Daniel Richards, senior economist at Emirates NBD, said renewed US military deployments to the region kept the risk premium in place. Axios reported that Washington had sent two more Patriot missile batteries to Saudi Arabia and Qatar. Axios also reported that Washington was moving a third carrier strike group into the region. President Donald Trump said he was weighing renewed bombing. The threat has affected oil and Bitcoin markets for weeks.