Bitcoin Dips Below $84,000 as Oil Jumps on Tanker Attacks

Bitcoin briefly broke under $84,000 during Asian morning hours, falling about 1.5% to just above $84,200 as escalating Iranian attacks on tankers in the Strait of Hormuz pushed oil prices, Treasury yields, and the U.S. dollar higher.

According to CoinDesk data, the sharp drop took Bitcoin as low as about $83,840 on Wednesday after trading near $86,600 on Tuesday. FxPro analysts previously noted that a drop below the $84,000 threshold would signal a victory for bears, warning that a sustained break below $83,000 could open a quick path toward $80,000.

Broad Market Decline

Major cryptocurrencies sustained steep losses alongside Bitcoin. Dogecoin led the decline among major assets with a 5% drop to about 9 cents. Ether lost 3.5% to trade near $2,610, while XRP fell nearly 3% to about $1.46. Other major tokens including HYPE, BNB, SOL, ZEC, and TRX slipped between 1% and 4%.

Macroeconomic Pressures

Macroeconomic drivers set the tone in Asian trading as Brent crude rose almost 1% to about $101.50 a barrel following stepped-up attacks on tankers. The U.S. dollar strengthened against all Group-10 currencies, and the 10-year Treasury yield climbed three basis points to 5.31%. Markets are also awaiting minutes from the Federal Reserve's September meeting, which are scheduled for release later on Wednesday.

Key facts

• Bitcoin fell about 1.5% to just above $84,200, touching an intraday low of approximately $83,840.
• Dogecoin led major cryptocurrency losses with a 5% decline, while ether dropped 3.5%.
• Brent crude rose nearly 1% to about $101.50 a barrel amid escalating Iranian tanker attacks.
• The 10-year Treasury yield climbed three basis points to 5.31% and the dollar strengthened against all G10 currencies.