Bitcoin slipped below $84,000 shortly after midnight UTC after Iran stepped up attacks on tankers in the Strait of Hormuz, pushing Brent Crude above $101 a barrel and lifting Treasury yields and the dollar.
The damage grew heavier further down the market, as the CoinDesk 80, which tracks a wide basket of smaller tokens, lost nearly 4% over the past 24 hours, against 2.5% for the CoinDesk 5. DeFi tokens fell almost 6% while the Memecoin Index tumbled by around 5%. Only a handful of tokens including SAND, PUMP and STX have managed to rise since midnight UTC.
Liquidations climbed 235% to $547 million over the past 24 hours, according to CoinGlass. Ether positions accounted for $174 million of that as it trades at $2,600 having lost 3.5% since midnight.
Demand from U.S. spot bitcoin ETFs had held up going into the drop. The funds took in $119 million on Tuesday, according to SoSoValue, their fourth day of inflows in the last five sessions.
Minutes of the Fed's September meeting, when it raised rates by a quarter point, are due later Wednesday. Weaker jobs data has made another increase this month look less likely, Dan Khus, chief analyst at LVRG Research, told CoinDesk. Traders will be watching whether the minutes sound patient or still point to one more hike before year-end, he said.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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