Key Takeaways
- • Bitcoin rose 1.1% to $82,707.2 by 02:29 ET on Wednesday, extending a mild rebound, according to Investing.com.
- • Gains were capped by a rebound in oil prices, which remained near 5-month highs, and continued uncertainty over the long-term artificial intelligence trade.
- • Bitcoin has traded in a tight $80,000 to $87,000 range over the past month, and was down about 1% in October after strong gains over the prior three months.
- • Rising Treasury yields through October weighed on speculative assets, and Bitcoin briefly fell below $80,000 under yield-driven pressure.
- • Bitcoin was on track to miss the seasonal "uptober" rally for a second consecutive year, though spot ETF inflows picked up after two weeks of outflows.
Summary
Bitcoin firmed on Wednesday, extending a mild rebound from the prior session as strong overnight corporate earnings in the U.S. helped lift risk appetite. According to Investing.com, the world's largest cryptocurrency rose 1.1% to $82,707.2 by 02:29 ET (06:29 GMT). Gains were limited, however, by a rebound in oil prices, which remained near five-month highs, and by continued uncertainty over the long-term artificial intelligence trade.
Bitcoin has remained in a tight trading range of roughly $80,000 to $87,000 over the past month, as a series of global economic uncertainties dampened appetite for crypto. The most significant factor has been rising interest rate expectations, which pushed Treasury yields higher through October. Higher yields tend to reduce demand for speculative, higher-risk assets such as crypto, and Bitcoin briefly dropped below $80,000 under this pressure. Geopolitical tensions in the Middle East and between Russia and Ukraine, which have driven oil prices higher, also weighed on risk assets.
The combined pressures left Bitcoin down about 1% so far in October, following strong gains over the previous three months. At its current pace, Bitcoin was likely to miss the historically positive October pattern dubbed "uptober" for a second consecutive year. Capital flows into spot Bitcoin exchange-traded funds picked up this week after two weeks of outflows, but prices had not yet reflected those inflows.
Broader crypto markets firmed alongside Bitcoin on Wednesday but were also posting a middling October, as third-quarter momentum largely stalled. Ether rose 1.8% to $2,442.67, while other major tokens gained between roughly 1.3% and 2.8%, and memecoins showed mixed moves, with some rising 2.8% and others gaining 5.5%.
Bitcoin has remained in a tight trading range of roughly $80,000 to $87,000 over the past month, as a series of global economic uncertainties dampened appetite for crypto. The most significant factor has been rising interest rate expectations, which pushed Treasury yields higher through October. Higher yields tend to reduce demand for speculative, higher-risk assets such as crypto, and Bitcoin briefly dropped below $80,000 under this pressure. Geopolitical tensions in the Middle East and between Russia and Ukraine, which have driven oil prices higher, also weighed on risk assets.
The combined pressures left Bitcoin down about 1% so far in October, following strong gains over the previous three months. At its current pace, Bitcoin was likely to miss the historically positive October pattern dubbed "uptober" for a second consecutive year. Capital flows into spot Bitcoin exchange-traded funds picked up this week after two weeks of outflows, but prices had not yet reflected those inflows.
Broader crypto markets firmed alongside Bitcoin on Wednesday but were also posting a middling October, as third-quarter momentum largely stalled. Ether rose 1.8% to $2,442.67, while other major tokens gained between roughly 1.3% and 2.8%, and memecoins showed mixed moves, with some rising 2.8% and others gaining 5.5%.
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.