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The overall crypto market fell 1.25% to about $2.8 trillion.
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More than $400 million in crypto bets were liquidated in the last 24hours following over $600 million in the previous session.
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The sell-off coincided with weakness in U.S. equities and rising Treasury yields.
Bitcoin (BTC) fell below $83,000 on Thursday morning, pressuring major crypto stocks after reports that the White House had asked the Pentagon for military strike options against Iran sent oil prices higher and pushed Treasury yields back toward recent highs.
Bitcoin’s price fell 1.2% in the last 24 hours, trading at around $82,700 at the time of writing. On Stocktwits, retail sentiment around the apex cryptocurrency trended in ‘bearish’ territory over the past day.
Meanwhile, Michael Saylor-backed Strategy (MSTR), crypto exchange Coinbase (COIN), USDC stablecoin issuer Circle (CRCL) and Tom Lee’s Ethereum (ETH) treasury, Bitmine Immersion Technologies (BMNR) were under pressure in pre-market trade.
MSTR stock was flat in early morning hours on Thursday, while COIN stock edged 0.3% lower and CRCL stock moved 0.4% lower. BMNR shares also moved 0.4% lower. On Stocktwits, retail sentiment around Coinbase, Bitmine and Circle continued to trend in ‘bearish’ territory over the past day. Sentiment around Strategy joined the cohort, dipping to ‘bearish’ from the ‘neutral’ zone over the past day.
Oil Rally, Rising Yields Weigh On Stocks
It wasn’t just Bitcoin feeling the heat of rising oil prices and treasury yields. The broader stock market was also trending lower in pre-market trade.The SPDR S&P 500 ETF (SPY) was fell as much as 0.40%, the SPDR Dow Jones Industrial Average ETF (DIA) slipped 0.80%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) moved 0.52% lower. Retail sentiment around SPY on Stocktwits continued to trend in ‘extremely bullish’ territory over the past day.
The latest moves followed a report by The Atlantic that the White House had asked the Pentagon to prepare military strike options against Iran that could be carried out before the midterm elections.
West Texas Intermediate (WTI) crude oil futures expiring in November rose over 4% on the day, trading at over $92 at the time of writing. Brent crude futures also rose over 4% on the day, trading at over $104.
XRP, Solana Lead Crypto Losses
In the crypto market, Ripple’s XRP (XRP) led losses among crypto majors, followed by Solana (SOL) and Dogecoin (DOGE). XRP’s price dipped as much as 3% in the last 24 hours to around $1.41, while Solana’s price dropped 2.5% to under $115 and Dogecoin’s price fell to $0.8, down 1.5% in the last 24 hours.
Source: finance.yahoo.com