Bitcoin dips below $84,000 as oil jumps on Iranian tanker attacks
- Bitcoin fell about 1.5 percent to just above $84,200 as escalating Iranian attacks on tankers pushed oil prices, Treasury yields and the dollar higher.
- Dogecoin led losses among major cryptocurrencies with a 5 percent decline, while ether dropped 3.5 percent and XRP fell nearly 3 percent.
- A sustained break below $83,000 could put Bitcoin on a quick path toward $80,000, according to FxPro, as traders await minutes from the Federal Reserve’s September meeting.
Bitcoin fell about 1.5% to just above $84,200 as of Wednesday Asian morning hours as oil climbed on stepped-up Iranian attacks on tankers in the Strait of Hormuz, lifting Treasury yields and the dollar.
DOGE led the losses among the majors, sliding 5% to about 9 cents. HYPE dropped nearly 4% to about $91, and ether lost 3.5% to about $2,610. XRP fell nearly 3% to about $1.46, while BNB, SOL, ZEC and TRX each slipped between 1% and 2.5%, according to CoinDesk data.
Bitcoin traded near $86,600 on Tuesday before a sharp drop early Wednesday took it as low as about $83,840 — below the $84,000 level that FxPro said on Tuesday would signal "a victory for the bears."
Minutes from the Fed's September meeting, when it raised rates by a quarter point, come out later Wednesday. Weaker jobs data made "another rate increase this month look less likely after September's quarter-point hike," Dan Khus, chief analyst at LVRG Research, said in an email to CoinDesk.