Bitcoin falls below $82,000 as technology selloff and oil rally pressure cryptocurrencies

Bitcoin fell to $81,300, a 4% drop, due to rising oil prices after Houthi attacks on Saudi Arabia. Other cryptocurrencies like Zcash and Cardano also declined, while Monero gained. U.S. spot Bitcoin ETFs saw $1.07 billion in inflows over three days. The Fed's rate hike probability dropped to 8%. Analysts note Bitcoin remains in a bull market despite the pullback.

Chinese prosecutors seek 61,800 Bitcoin and other assets linked to a $5.7B fraud case. The assets are held in the UK, creating a jurisdictional dispute. The fraud involved Tianjin Lantian Gerui Electronic Technology, which sold unlicensed wealth products. The case involves 102,000 investors and is ongoing in both China and the UK.

Chinese prosecutors seek to seize 61,896 Bitcoin held by UK authorities, linked to a fraud case involving Tianjin Lantian Gerui Electronic Technology. The court has opened a six-month window for victims to join the proceedings. The case involves Qian Zhimin, who was sentenced in the UK for acquiring criminal property. The UK High Court ruled Chinese law governs the case. The US, China, and UK hold significant Bitcoin reserves from seizures.

Bitcoin's mining difficulty rose 5.92% on Oct. 16, with another 5.16% increase projected, as hashrate hit a seven-month high. BlocksBridge Consulting reports that smaller miners may be absorbing equipment from larger operators shifting to AI, intensifying competition. The hashrate recovery is seen by some as a bullish signal for Bitcoin's security and fundamentals.

U.S. spot Bitcoin ETFs saw $1.07 billion in inflows over three days, erasing October's losses. BlackRock's IBIT led Monday's $526.7 million inflow. J.P. Morgan projected 10% annual Bitcoin returns over 10-15 years. Bitcoin and Ethereum prices fell despite ETF inflows, with Bitcoin at $81,470 and Ethereum at $2,393. Traders predict low chances of Bitcoin reaching $90,000 by month-end.

China seeks 61,896 BTC (worth $5.1B) seized by UK police from a convicted fraudster. Chinese courts aim to confiscate the assets, while UK courts weigh victim claims. The BTC originated from a scheme defrauding 100,000+ people. Neither country has secured final legal control.