Bitcoin extended daily losses to 3% as US stocks came under pressure from President Donald Trump’s comments on Iran military action.
Bitcoin (BTC) stayed below $82,000 around Thursday’s Wall Street open as Iran war headlines returned to pressure risk assets.
Data from TradingView showed BTC/USD hitting $81,256 on Bitstamp, down 2.9% on the day.
Mixed reactions to Tesla earnings and capital expenditures combined with a risk-off mentality stoked by fresh comments from Trump that the US was “not negotiating” with the Iranian side.
“We are going to have something one way or the other that will happen fairly soon. Most people seem to think it’s after the election and we’ll see what happens,” he told reporters, referring to the US midterm elections on Nov. 3.
US stocks fell at the open, with the S&P 500 Index down 1.3% at the time of writing. The tech-heavy Nasdaq Composite Index was 2.3% lower.
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“Tech stocks came under pressure amid renewed AI valuation fears. The rebound in energy prices contributed to the risk-off tone,” Ian Lyngen at BMO Capital Markets, told Bloomberg. He said:
As bond returns improved, the US 10-year bond yield approached 5% on the day, slipping to its lowest level since Sept. 23.
After reaching nearly $85,000 the day prior, BTC price action continued to circle the cost basis of the US spot Bitcoin exchange-traded funds (ETFs) at around $81,500.
Analysts at Bitfinex Alpha, the research arm of crypto exchange Bitfinex, on Wednesday forecast BTC/USD trading in a narrow range between $81,300 and $84,400 until the Federal Reserve rate policymakers next meeting on Oct.
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