Key Takeaways
- • Bitcoin fell 1.8% to $81,657 by 17:53 ET on Thursday, touching a near three-week low of $81,755 earlier in the session, according to Investing.com.
- • A more than 3% rise in oil prices and a hit to U.S. technology stocks drove the decline in risk sentiment, with higher borrowing costs weighing on speculative assets.
- • Financial Times reporting that OpenAI's annualized revenue was about $20 billion below previously signaled figures pressured Wall Street tech shares.
- • The 10-year U.S. Treasury yield eased 5.3 basis points to 5.225% and the 30-year fell 5.4 basis points to 5.607%, partially capping crypto losses.
- • Fresh buying from corporate holder Strategy did little to offset Bitcoin's weakness, and the broader crypto sector faced profit-taking after an extended rally through the September quarter.
Summary
Bitcoin dipped on Thursday, extending recent losses to trade below $82,000, as risk sentiment deteriorated across markets, according to Investing.com. The world's largest cryptocurrency fell 1.8% to $81,657.00 by 17:53 ET (21:53 GMT), briefly touching a near three-week low of $81,755.00 earlier in the day. Losses spread across the broader crypto sector, which Investing.com noted was vulnerable to profit-taking after an extended rally through the September quarter.
The primary drivers were a rise of more than 3% in oil prices and pressure on U.S. technology stocks. Crude rose on attacks on commercial shipping in the Middle East and supply disruption concerns linked to adverse weather along the U.S. Gulf Coast. Crude gains were partially pared after President Donald Trump said Washington would not attack Iran before the U.S. midterm elections in November, following media reports that such a move was under consideration.
U.S. technology stocks also weighed on sentiment after the Financial Times reported, citing financial documents shared with investors, that OpenAI's annualized revenue was about $20 billion lower than previously indicated.
Fixed income offered some relief. The benchmark 10-year Treasury yield fell 5.3 basis points to close at 5.225%, while the 30-year yield slipped 5.4 basis points to settle at 5.607%. Analysts attributed the move to exhaustion among bond bears, and it helped limit Bitcoin's losses. Investing.com noted that higher borrowing costs generally weigh on cryptocurrencies because they reduce the appeal of speculative, risk-heavy assets relative to debt. Bond market stress continued in Europe even as U.S. yields eased.
Fresh buying from Strategy, the largest corporate Bitcoin holder, did little to counter the sell-off this week.
The primary drivers were a rise of more than 3% in oil prices and pressure on U.S. technology stocks. Crude rose on attacks on commercial shipping in the Middle East and supply disruption concerns linked to adverse weather along the U.S. Gulf Coast. Crude gains were partially pared after President Donald Trump said Washington would not attack Iran before the U.S. midterm elections in November, following media reports that such a move was under consideration.
U.S. technology stocks also weighed on sentiment after the Financial Times reported, citing financial documents shared with investors, that OpenAI's annualized revenue was about $20 billion lower than previously indicated.
Fixed income offered some relief. The benchmark 10-year Treasury yield fell 5.3 basis points to close at 5.225%, while the 30-year yield slipped 5.4 basis points to settle at 5.607%. Analysts attributed the move to exhaustion among bond bears, and it helped limit Bitcoin's losses. Investing.com noted that higher borrowing costs generally weigh on cryptocurrencies because they reduce the appeal of speculative, risk-heavy assets relative to debt. Bond market stress continued in Europe even as U.S. yields eased.
Fresh buying from Strategy, the largest corporate Bitcoin holder, did little to counter the sell-off this week.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.