Bitcoin fell as international oil prices surged.

As of 8:20 a.m. on the 29th, on the global coin tracking site CoinMarketCap, Bitcoin was trading at $76,288, down 1.09% from 24 hours earlier.

A customer looks for investment information at the Bithumb customer center in Gangnam District, Seoul. /Courtesy of News1

Bitcoin's decline is seen as the result of rising international oil prices. According to Reuters and other foreign media, the settlement price of U.S. West Texas Intermediate (WTI) crude rose 3.7% from the previous session to $99.93 per barrel. Intraday, it topped the $100-per-barrel mark for the first time since the 13th of this month.

International oil prices climbed as news that the United Arab Emirates (UAE) would leave the Organization of the Petroleum Exporting Countries (OPEC) coincided with signs that talks on a cease-fire between the United States and Iran had reached an impasse.

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