Key Takeaways
- • Bitcoin was flat near $82,785.8 by 02:13 ET (06:13 GMT) on Thursday, after largely erasing an overnight rebound to nearly $85,000, according to Investing.com.
- • A broad sell-off in global technology stocks, driven by concerns over higher interest rates and the long-term sustainability of AI, pressured risk appetite and dragged crypto lower.
- • Oil prices hit a five-month high this week amid Middle East tensions, with reports that renewed U.S. and Israeli hostilities against Iran were imminent, feeding inflation and rate concerns.
- • Bitcoin remains within a tight trading range established over the past month, as a third-quarter rally largely lost momentum in October.
- • Altcoins were mixed: the second-largest crypto fell 0.3% to $2,432.48, while memecoins fell 2.3%.
Summary
Bitcoin traded flat on Thursday, with prices steadying at $82,785.8 by 02:13 ET (06:13 GMT), according to Investing.com. The move reversed a brief overnight rebound that had taken the cryptocurrency close to $85,000, as continued inflows into spot exchange-traded funds offered only fleeting support.
The primary driver of the reversal was a broad sell-off in global technology shares. Following middling overnight earnings from some of Wall Street's largest tech companies, losses deepened during the Asian and European sessions. The decline was attributed to rising concerns over higher interest rates and the long-term sustainability of artificial intelligence. Because crypto tends to move in tandem with technology stocks and is sensitive to borrowing costs, the sector came under pressure as risk appetite weakened.
Oil prices added to the pressure. Crude hit a five-month high this week amid continued tensions in the Middle East, and reports suggested that a resumption of U.S. and Israeli hostilities against Iran was imminent. Higher oil prices also fed concerns about sticky inflation and a rising interest-rate path, weighing on risk-driven assets more broadly.
Bitcoin has remained within a tight trading range over the past month, as a third-quarter rally largely ran out of steam in October. Broader crypto markets moved in a flat-to-low range, with the second-largest cryptocurrency down 0.3% to $2,432.48. Other large tokens were mixed, with one asset rising 0.6%, others falling between 1.3% and 2.5%, and memecoins declining 2.3% and 0.8%.
The primary driver of the reversal was a broad sell-off in global technology shares. Following middling overnight earnings from some of Wall Street's largest tech companies, losses deepened during the Asian and European sessions. The decline was attributed to rising concerns over higher interest rates and the long-term sustainability of artificial intelligence. Because crypto tends to move in tandem with technology stocks and is sensitive to borrowing costs, the sector came under pressure as risk appetite weakened.
Oil prices added to the pressure. Crude hit a five-month high this week amid continued tensions in the Middle East, and reports suggested that a resumption of U.S. and Israeli hostilities against Iran was imminent. Higher oil prices also fed concerns about sticky inflation and a rising interest-rate path, weighing on risk-driven assets more broadly.
Bitcoin has remained within a tight trading range over the past month, as a third-quarter rally largely ran out of steam in October. Broader crypto markets moved in a flat-to-low range, with the second-largest cryptocurrency down 0.3% to $2,432.48. Other large tokens were mixed, with one asset rising 0.6%, others falling between 1.3% and 2.5%, and memecoins declining 2.3% and 0.8%.
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