📝 What you need to know
Bitcoin had a brutal morning Wednesday, dipping under $83,000 before coming to rest around $83,200. It wasn't alone; gold fell too, as did the S&P. The culprit is oil: Brent crude is back above $101 after a fortnight of ship attacks around the Strait of Hormuz, with the UK's maritime agency logging at least one a day since October 2. On Monday Iran's Revolutionary Guard ordered a tanker to turn around or risk being hit.
Pricier oil means inflation fears, which means higher yields. The 30-year Treasury touched 5.70%, its highest since 2002. Risk assets did what risk assets do, and leverage did the rest, with over $690 million in crypto liquidations over the past 24 hours, $635 million of which were long positions.
All eyes now turn to today's Fed minutes. But Hormuz headlines can always, it seems, throw a spanner in the works.
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📰 In the News
| Bitcoin (BTC) | October 7, 2026 |
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📊 Myriad Insight of the Day
| Myriad prediction market | October 7, 2026 |
| How low will Bitcoin go in October? | | Lowest BTC price by October 31 |
| Below $75K | 27% | | $75K–$80K | 40% | | $80K–$82.5K | 25% | | Stays above $82.5K | 8% |
| Why it matters | | Bitcoin's 2.8% slide to $83,195 has traders bracing for more. Odds of a touch at $82,500, now barely 1% away, jumped to 92% from 71% on Monday, and an $80,000 retest climbed to 67% from 48%. Oil topping $101 and a 30-year Treasury yield at its highest since 2002 sparked the sell-off, while $969 million in liquidations fed it. Today's Fed minutes are the next catalyst. | | Related: Bitcoin dips below $83K as oil shock rattles markets |
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