Bitcoin recovered modestly from its session lows as U.S. Treasury yields eased after a strong 10-year note auction, although the cryptocurrency remained under pressure from rising rates, geopolitical uncertainty and heavy liquidations.
According to CoinDesk, bitcoin traded around $83,500 in early U.S. afternoon trading after falling as low as about $83,000. The move represented a roughly 1% recovery from the day’s weakest level, but bitcoin was still down 2.6% over 24 hours at that point. Earlier, the token had slipped below $84,000 as leveraged bullish positions were closed out.
The broader market backdrop remained unsettled. Oil prices rose after reports of renewed Iranian attacks affecting shipping through the Strait of Hormuz, while the dollar and government bond yields strengthened. Those moves tend to weigh on risk-sensitive assets because higher yields can make cash and bonds more attractive relative to assets such as cryptocurrencies and equities.
Fed minutes keep rate-hike risk in focus
Minutes from the Federal Open Market Committee’s latest meeting showed that all 19 committee members supported the 25-basis-point increase delivered last month, although only 12 members were voting participants at the meeting.
Most officials considered another increase in the federal funds rate before the end of the year to be appropriate. The minutes therefore reinforced the view that the Federal Reserve remains focused on inflation risks, even as markets have recently scaled back expectations for immediate tightening.
Market pricing cited in the report put the probability of an October rate increase at 17%, while assigning an 85% chance of at least one hike by the end of the year. The next Federal Reserve meeting is scheduled for Oct. 27-28, with September consumer- and producer-price data due before then.
The minutes arrived as bitcoin and other risk assets were already reacting to higher borrowing costs. Ether fell nearly 4% during the reported session to about $2,590, while XRP declined about 4% and Solana dropped more than 3%.
Bond auction briefly eases pressure
The U.S. Treasury’s 10-year note auction attracted particularly strong demand from foreign and other indirect buyers, who purchased 80.3% of the securities offered. The auction’s high yield was 5.30%, sharply above September’s 4.83% result but broadly consistent with prevailing market conditions.
Following the sale, the 10-year Treasury yield pulled back to about 5.27%, after reaching as high as 5.37% earlier in the day. The 30-year yield also retreated by roughly five basis points from its session peak. European long-term government bond yields moved lower as well.
The retreat offered some relief to risk assets. U.S. equity losses narrowed, with the Nasdaq down 0.5% and the S&P 500 lower by 0.3% at the time described in the report. Earlier, the Nasdaq had been down 0.7%, the S&P 500 0.55% and the Dow Jones Industrial Average 1.5%.
Despite the pullback, the global bond market remained under strain. The U.S. 10-year yield was also reported at 5.333% during the session, while the 30-year yield reached 5.715%. In the United Kingdom, the 30-year gilt yield moved above 6% to 6.014%, and the U.S. Dollar Index rose back above 102.
Liquidations and geopolitical risk weigh on crypto
About $550 million in leveraged cryptocurrency positions were liquidated over 24 hours as bitcoin fell below $84,000, according to CoinGlass data cited in the report. Most of the liquidations involved long positions—trades positioned for prices to rise. A separate estimate put long liquidations at about $400 million over a 12-hour period.
Jasper De Maere, an OTC trader at Wintermute, said bitcoin had reacted more sharply than U.S. equities to the geopolitical stress. He identified oil prices, Treasury yields and the dollar as the principal macro pressures and highlighted $82,500 as an important downside level. The report also cited an analyst who described the move as a leverage flush rather than evidence of a confirmed change in the broader trend.
Oil added to the uncertainty. Brent crude moved above $100 a barrel after reports of Iranian tanker attacks, while another market update put Brent above $101. WTI later reversed its initial gains and traded below $90. A report questioning the scale of a European oil-reserve release also contributed to the market’s focus on energy supplies.
Bitcoin’s decline also coincided with the first day of this year’s Token2049 conference in Singapore. The report noted that bitcoin had risen during the 2024 and 2025 event weeks, but was down about 3% during this year’s opening day. Separately, BitMine Immersion Technologies Chairman Tom Lee said the company would stop accumulating ether once it owned 5% of the cryptocurrency’s supply, with another 100,000 ETH needed to reach that limit.
Moneyiar market picture
Moneyiar data recorded at 09:09 on Oct. 8, 2026, showed bitcoin at $82,993.88, down 1.09% over 24 hours and 0.72% over seven days. Ethereum stood at $2,564.43, down 1.69% over 24 hours and 4.60% over seven days.
Other assets tracked by Moneyiar were also lower. SOON traded at $0.32367, down 1.83% in 24 hours and 28.19% over seven days. edgeX was priced at $0.40616, down 3.27% over 24 hours and 22.33% over seven days.
