Bitcoin fell approximately 1.5% to just above $84,200 during Wednesday Asian morning trading as oil climbed on intensified Iranian attacks on tankers in the Strait of Hormuz. The moves in crude prices lifted Treasury yields and strengthened the dollar.
The decline took Bitcoin as low as $83,840 early Wednesday, briefly breaking below the $84,000 level that analysts identified as a key technical threshold. Bitcoin had traded near $86,600 on Tuesday before the sharp drop.
Major cryptocurrencies broadly declined. Dogecoin led losses with a 5% drop to around 9 cents, while ether fell 3.5% to approximately $2,610 and XRP declined nearly 3% to about $1.46. BNB, SOL, ZEC, and TRX each slipped between 1% and 2.5%.
Oil set the tone for market movements across assets. Brent crude rose almost 1% to approximately $101.50 a barrel following the increased pace of Iranian attacks on tankers in recent days. The dollar strengthened against every Group-of-10 currency, and the 10-year Treasury yield climbed three basis points to 5.31%.
Market attention turned to minutes from the Federal Reserve's September meeting, scheduled for release later Wednesday. The Fed raised rates by a quarter point in September, and traders were monitoring whether the notes would signal patience on further increases or suggest additional hikes before year-end.
Asian equities declined despite recent record closes on Wall Street. MSCI's Asia Pacific gauge dropped 0.6% as technology shares in South Korea and Hong Kong turned lower.
