Bitcoin breaks below $83,000 as oil jumps on Iran strike-plan report
Bitcoin fell below $83,000 as rising oil prices and geopolitical tensions in the Middle East triggered a broader market sell-off. The decline follows a day of significant leveraged liquidations in the crypto market, with most major digital assets tracking the downward trend of global equities.
Why it matters
The correlation between rising energy costs and crypto volatility highlights how macroeconomic instability and geopolitical conflict continue to pressure digital asset valuations.
XRP led the losses among the majors, down nearly 4% to about $1.42. DOGE slid 3% to just under 9 cents and ether lost 3% to about $2,570. HYPE and SOL each fell more than 2%, and ZEC slipped less than 1%. BNB and TRX were the only gainers, each up less than 1%, according to CoinDesk data.
The drop takes bitcoin below $83,000, the recent low that FxPro said on Tuesday would confirm sellers had taken control. The firm said a break there could send bitcoin to $80,000 "fairly quickly."
It comes a day after about $550 million in leveraged crypto bets were wiped out, mostly from traders betting on higher prices, according to CoinGlass data.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in