As of Thursday morning in Asia, Bitcoin saw a decline of 1.6%, settling at just under $82,800. This drop coincided with a rise in oil prices following reports that the White House requested military strike options against Iran, leading to Treasury yields nearing their highest levels since 2002.
XRP experienced the most significant decrease among the major cryptocurrencies, falling almost 4% to approximately $1.42. DOGE dropped by 3%, trading at just shy of 9 cents, while ether also decreased by 3%, reaching about $2,570. Both HYPE and SOL faced losses of over 2%, and ZEC saw a minor decline of less than 1%. In contrast, BNB and TRX managed modest gains, each rising by under 1%, as reported by CoinDesk.
This downturn brings Bitcoin below the $83,000 mark, which FxPro indicated on Tuesday would signify that sellers had gained dominance. They noted that a fall below this threshold could quickly drive Bitcoin down to around $80,000.
This decline follows the liquidation of approximately $550 million in leveraged crypto positions, primarily affecting traders who had placed bets on price increases, according to data from CoinGlass.