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Bitcoin breaks above $86,500 as crypto market caps top $3 trillion

The breakout coincided with a risk-on stretch for US stocks and a pullback in oil after reports that Iran offered to reopen the Strait of Hormuz if US pressure eases.

Reported · Written up by our desk · Market Structure

Bitcoin surged through $86,500 on Tuesday, holding just above a ceiling that had limited gains through most of September. The move lifted total crypto market capitalization above $3 trillion, while the Crypto Fear and Greed Index read 79, in “greed” territory.

Altcoin performance was also mixed, with the Altcoin Season Index at 49, indicating Bitcoin still led even as some altcoins began to move. Decrypt linked the rally to a broader risk-on tone tied to falling oil and a strong Nasdaq.

On Wall Street, the Nasdaq Composite closed at a record Monday, up 2.26%, its best day since June, as AI-linked names surged. Intel jumped 12%, AMD gained about 10%, and the chipmakers extended their rally into Tuesday, though Tuesday’s session was described as calmer for the index.

Oil’s decline was central to the day’s mood, with Brent briefly slipping below $98 a barrel and WTI falling under $93, the lowest since September 8, after reports Iran offered to reopen the Strait of Hormuz within days if Washington eases pressure. The article also pointed to the Fed’s Sept. 16 rate hike of 25 basis points to 3.75% to 4% and noted the bank continues buying short-term Treasury bills to keep reserves “ample,” a setup framed as reducing the tightening impact.

Latest closeWTI crude $90.73 ▼4.1%|Brent $96.22 ▼3.0%|Bitcoin $85,554.46 ▼0.7%

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