In the period from July to September, the price of Bitcoin (CRYPTO: BTC) soared from $60,000 to $87,000, a gain of 45%. In October, though, Bitcoin is down 2% with just a week to go. The primary culprit appears to be soaring oil prices. As long as the price of oil hovers around $100, the price of Bitcoin remains stuck. That shouldn't be happening, though. Historically, Bitcoin has been uncorrelated with any major asset class. So why does the price of Bitcoin now appear to hinge on what's happening in the Middle East?
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