Bitcoin fell nearly 4% over 24 hours as Brent crude topped $102 and U.S. borrowing costs climbed, pressuring stocks and other assets.
Bitcoin fell back toward $84,000 after reaching $87,197 on Oct. 2, while ETF inflows weakened and open interest shifted around the U.S. payrolls report.
Bitcoin trades around $83,000 according to CoinGecko data, sitting 35% below its all-time high of $126,000. The asset recorded gains of 24.5%, 44.9%, and 92.3% in the 12 months following the U.S. midterm elections of 2014, 2018, and 2022, respectively.
Bitcoin has slipped below $84,000 after reaching $87,197 last Friday, while analysts have offered competing views on whether October can deliver a recovery toward $100,000. Andreas Brekken, founder of SideShift.ai, told crypto.
Is 'paper Bitcoin' really a threat to the asset's long-term value appreciation?
Two Oct. 7 order-book snapshots showed queued bids exceeding asks, while separate market data placed larger support and supply areas at lower and higher prices.
Bitcoin, Ethereum, XRP, and Solana have fallen between 4.3% and 6.3% over the past 24 hours on Oct. 7, as the broader crypto market cap dropped 3.8% to $2.925 trillion. CoinGecko data showed Bitcoin trading at $82,855.50, down 4.
Hong Kong's regulatory move may bolster investor trust and align with global trends, potentially driving increased bitcoin adoption and market stability. Hong Kong to regulate bitcoin and digital assets with new legislation this year.
Bitcoin traded at $83,132 on Binance spot at 11:16 a.m. ET on Oct. 7, up from $82,914 15 minutes earlier.
In a striking shift in Bitcoin's global acceptance, nation-states are embracing it faster than individuals, on-chain analyst Willy Woo pointed out in a recent tweet.
Bitcoin reached $82,734 as oil prices rose, U.S. stocks reversed from records and Treasury yields climbed to 24-year highs.
The coins were valued at about $2.43 million when the post was published, with an estimated gain of $2.44 million based on a $15 average cost.