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Bitcoin drops below $83,000 amid oil and Treasury yield surge
The selloff triggered about $969 million in liquidations over 24 hours, with $644.5 million tied to long positions, according to CoinGlass.
Bitcoin fell sharply, sliding from an opening level of $85,543.66 to a low of $82,776.30 and later trading around $83,178.54, after a fast drop raised concerns it could break a key support level, Decrypt reported.
The move came with broader market strain, as the S&P 500 and Nasdaq were down in morning trading and Brent crude moved back above $101 a barrel, the 10-year Treasury yield hovered near 5.34%, and the 30-year yield rose to 5.70%, its highest since 2002, according to Decrypt.
Decrypt cited CoinGlass data showing roughly $969 million in crypto positions liquidated over the prior 24 hours, including $644.47 million in long positions, as leveraged traders were forced out.
The article pointed to rising tensions tied to attacks in and around the Strait of Hormuz as a driver of the oil jump, noting UK Maritime Trade Operations agency logs of at least one incident per day in the strait or the Gulf of Aden since October 2, as reported by Al Jazeera.
Latest closeWTI crude $89.70 ▼1.6%|Brent $100.73 ▼1.5%|Bitcoin $82,696.39 ▼3.3%