🚀 Today’s crypto market update
BTC falls below $84,000! A double blow from surging oil prices and leveraged liquidations wiped out around $550 million in positions across the market, mostly longs 💥
Key data:
- BTC briefly dipped to around $83,500, down roughly 2–3% over 24 hours
- ETH fell further, around 4–5%, dropping below $2,600
- Altcoins—especially the L2 sector—came under pressure (news that Abstract is shutting down triggered a chain reaction)
- Macro factors: Iran-related tanker attacks pushed Brent crude above $101, Treasury yields climbed, and risk appetite cooled
Notable developments:
- BitMine (Tom Lee) said it would stop accumulating ETH once its holdings approach 5% of the total supply
- Institutional activity continues: BlackRock’s Bitcoin ETF has seen significant inflows recently
This looks like a classic “rapid pullback triggered by leveraged liquidations,” rather than a complete trend reversal.
Uptober is still going—will key support levels hold? Next up: the Fed meeting minutes!
What do you make of this pullback? A buying opportunity or a time to stay on the sidelines? Share your thoughts in the comments 👇
BTC falls below $84,000! A double blow from surging oil prices and leveraged liquidations wiped out around $550 million in positions across the market, mostly longs 💥
Key data:
- BTC briefly dipped to around $83,500, down roughly 2–3% over 24 hours
- ETH fell further, around 4–5%, dropping below $2,600
- Altcoins—especially the L2 sector—came under pressure (news that Abstract is shutting down triggered a chain reaction)
- Macro factors: Iran-related tanker attacks pushed Brent crude above $101, Treasury yields climbed, and risk appetite cooled
Notable developments:
- BitMine (Tom Lee) said it would stop accumulating ETH once its holdings approach 5% of the total supply
- Institutional activity continues: BlackRock’s Bitcoin ETF has seen significant inflows recently
This looks like a classic “rapid pullback triggered by leveraged liquidations,” rather than a complete trend reversal.
Uptober is still going—will key support levels hold? Next up: the Fed meeting minutes!
What do you make of this pullback? A buying opportunity or a time to stay on the sidelines? Share your thoughts in the comments 👇
