Bitcoin fell below $83,000 in Thursday morning trading in Asia, slipping 1.6% to just under $82,800. CoinDesk reported that the move pushed the largest cryptocurrency through a recent low that FxPro had highlighted on Tuesday as an important support level. The firm said a break there would confirm that sellers had taken control and could send bitcoin to $80,000 fairly quickly.
Major tokens moved lower with XRP leading losses
Among large-cap cryptocurrencies, XRP posted the sharpest decline, falling nearly 4% to about $1.42. DOGE dropped 3% to just under 9 cents, while ether lost 3% to around $2,570.
HYPE and SOL each fell more than 2%, and ZEC slipped by less than 1%. According to CoinDesk data, BNB and TRX were the only gainers among the majors, with both up by less than 1%.
Liquidations reached about $550 million
The decline came a day after roughly $550 million in leveraged crypto bets were wiped out, according to CoinGlass. Most of those liquidations were tied to traders positioned for higher prices.
Oil and yields rose as geopolitical and supply concerns intensified
CoinDesk said cryptocurrencies and global stocks came under pressure as oil prices and Treasury yields moved higher. Brent crude climbed 2% to above $102 a barrel. The report cited several drivers: a report that the White House had asked the Pentagon for strike options against Iran, a storm that shut some U.S. oil output, and attacks by Iran-backed Houthi rebels on two airports in Saudi Arabia that killed three people.
The jump in crude helped push the 10-year U.S. Treasury yield up two basis points to 5.31%, taking it back toward its highest level since 2002.
Global equities pulled back from record levels
Stocks also retreated. Wall Street benchmarks slipped on Wednesday, one day after closing at all-time highs, and Asian shares followed with a 1% decline. MSCI’s All Country World Index fell 0.2% and moved farther away from the record level it had come within 1.5% of earlier this week.
CoinDesk pointed to the oil-yield link
CoinDesk noted that bitcoin’s last two losing days both came as oil prices climbed and Treasury yields rose. The report added that a move in Brent back below $100, where it traded on Tuesday, would remove some of that pressure.