On September 24, $BTC faced a macro shock that briefly pushed it below $84,000, triggering a sharp selloff across risk assets and the liquidation of more than $200 million in contracts. It was then followed by violent turbulence in the $83,000–$85,000 range, as both long and short sides fiercely fought over a key support level.
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During a speech at the United Nations, the Iranian president claimed that he “will not yield to the U.S. that refuses to negotiate,” instantly igniting geopolitical tensions in the market. U.S. stocks, Bitcoin, gold, and other assets all fell sharply; at one point, the market wiped out about $900 billion.
Bitcoin briefly dropped below $84,000, while Ethereum simultaneously fell below $2,700; approximately $230 million in positions in the crypto market were forcibly liquidated.
Expectations for the Fed’s October rate hike of 25 basis points jumped from 53% to 69.7%. Combined with U.S. Treasury yields hitting the highest level since 2007—10-year yields reaching 5.13%—the crypto market is under double pressure.