Bitcoin fell to $77,600, as the escalation of the U.S.-Iran conflict and interest rate concerns suppressed market sentiment

Bitcoin continued its decline on Wednesday. After recording strong monthly gains in August, risk assets were generally under pressure as the U.S.-Iran military conflict intensified again and the market continued to be uncertain about the direction of interest rates.

Bitcoin, the world's largest cryptocurrency, fell 1.4% to $77,670.6 at 2:04 a.m. Eastern Time (14:04 p.m. Beijing time), after rising nearly 25% in August.

However, the rally came to an abrupt halt in September. The rebound in Treasury yields has put pressure on the cryptocurrency market, while renewed military action between the United States and Iran has further dampened the market's risk appetite.

Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin, re-entered the market to buy, providing limited support to the market. This was the first time that the company increased its holdings of Bitcoin in two months.