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Bitcoin dips below $84,000 as oil jumps on Iranian tanker attacks
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- DeepHorus
Bitcoin dipped below $84,000 during Asian trading hours on Wednesday as escalating Iranian tanker attacks in the Strait of Hormuz sent oil prices, Treasury yields and the U.S. dollar sharply higher. The world's largest cryptocurrency fell about 1.5% to just above $84,200, briefly breaking through a key threshold that analysts had flagged as the point where sellers take control. The move underscored crypto's growing sensitivity to geopolitical and macroeconomic shocks.
Broader cryptocurrency markets also suffered losses. Dogecoin led declines among major coins with a 5% drop to roughly 9 cents, while HYPE slid nearly 4% to about $91 and ether lost 3.5% to approximately $2,610. XRP fell nearly 3% to around $1.46, with BNB, SOL, ZEC and TRX each slipping between 1% and 2.5%, according to CoinDesk data.
Bitcoin had traded near $86,600 on Tuesday before a sharp early Wednesday decline pushed it as low as approximately $83,840. FxPro said a level below $84,000 would signal "a victory for the bears" and noted that a sustained break below $83,000 could put Bitcoin on a quick path toward $80,000. The cryptocurrency now sits about $1,200 above that critical $83,000 mark.
Oil set the market tone in Asia, with Brent crude rising almost 1% to about $101.50 a barrel after Iran accelerated tanker attacks in recent days. The dollar strengthened against every other Group-of-10 currency, while the 10-year Treasury yield climbed three basis points to 5.31%. Asian stocks fell even after record closes for the S&P 500 and Nasdaq 100 on Wall Street.
Traders are now awaiting minutes from the Federal Reserve's September meeting, released later Wednesday. Dan Khus, chief analyst at LVRG Research, noted that weaker jobs data made "another rate increase this month look less likely" and that markets are watching whether the minutes sound patient or still point to one more hike before year-end.
