Key Takeaways
- • Bitcoin fell 1.8% to $81,657.00 by 17:53 ET, touching a near three-week low of $81,755.00 earlier in the session, according to Investing.com.
- • Oil rose more than 3% on attacks on Middle East commercial shipping and supply fears tied to adverse weather on the U.S. Gulf Coast, weighing on risk appetite across markets.
- • The Financial Times reported that OpenAI's annualized revenue was about $20 billion below previously signaled levels, pressuring U.S. technology stocks.
- • 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%, offering some relief after a bond rout that continued in Europe.
- • Fresh buying by corporate holder Strategy did little to offset Bitcoin's decline, which followed an extended rally through the September quarter.
Summary
Bitcoin declined on Thursday, extending recent losses as risk sentiment weakened. The world's largest cryptocurrency fell 1.8% to $81,657.00 by 17:53 ET (21:53 GMT), according to Investing.com, after briefly touching a near three-week low of $81,755.00. Earlier in the session, the asset had traded closer to $83,000, with intraday lows of $82,300.50 reported by the publisher's other coverage. Broader crypto prices moved in tandem with Bitcoin, and the sector remained vulnerable to profit-taking after an extended rally through the September quarter. Purchases from Strategy, the largest corporate Bitcoin holder, failed to halt the slide during the week.
Geopolitical and commodity pressures drove much of the risk-off move. Oil prices rose more than 3% on attacks on commercial shipping in the Middle East and supply disruption concerns linked to adverse weather along the U.S. Gulf Coast. Crude benchmarks pared some gains 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.
Technology equities also weighed on sentiment. The Financial Times reported that OpenAI's annualized revenue was roughly $20 billion lower than previously indicated, citing financial documents shared with investors. The report hit U.S. tech stocks.
Fixed income offered a partial offset. While an ongoing bond rout continued to pressure European markets, U.S. Treasuries rallied, with the 10-year yield falling 5.3 basis points to 5.225% and the 30-year yield slipping 5.4 basis points to 5.607%. Analysts attributed the move to exhaustion among bond bears. Even so, elevated borrowing costs remain a headwind for cryptocurrencies, as higher yields reduce the appeal of speculative, higher-risk assets relative to debt.
Geopolitical and commodity pressures drove much of the risk-off move. Oil prices rose more than 3% on attacks on commercial shipping in the Middle East and supply disruption concerns linked to adverse weather along the U.S. Gulf Coast. Crude benchmarks pared some gains 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.
Technology equities also weighed on sentiment. The Financial Times reported that OpenAI's annualized revenue was roughly $20 billion lower than previously indicated, citing financial documents shared with investors. The report hit U.S. tech stocks.
Fixed income offered a partial offset. While an ongoing bond rout continued to pressure European markets, U.S. Treasuries rallied, with the 10-year yield falling 5.3 basis points to 5.225% and the 30-year yield slipping 5.4 basis points to 5.607%. Analysts attributed the move to exhaustion among bond bears. Even so, elevated borrowing costs remain a headwind for cryptocurrencies, as higher yields reduce the appeal of speculative, higher-risk assets relative to debt.
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