- The broader crypto market fell below $2.5 trillion, with $460 million in liquidations over the past day.
- Ethereum was the only cryptocurrency among the top 10 by market capitalization to post a percentage loss larger than Bitcoin in midday trade on Thursday.
- Rising oil prices, inflation data, and Federal Reserve signals on interest rates contributed to the market pullback.
Bitcoin (BTC) fell below $69,000 in midday trade on Thursday as crude oil prices remained elevated in the aftermath of Iran’s strikes on energy facilities in the Persian Gulf.
Bitcoin’s price tumbled nearly 3% in the last 24 hours to around $68,900, according to CoinGecko data. On Stocktwits, retail sentiment around the apex cryptocurrency remained in ‘bullish’ territory amid ‘normal’ levels of chatter over the past day.
Ethereum (ETH) was the only token among the top 10 cryptocurrencies by market capitalization to log a larger loss than Bitcoin. ETH’s price fell over 3% in the last 24 hours to around $2,100. Retail sentiment around the leading altcoin on Stocktwits also remained in ‘bullish’ territory over the past day. Chatter stayed at ‘high’ levels.
Oil Prices Continue To Drive Crypto Lower
The United States Oil Fund (USO) was among the top trending tickers on Stocktwits. USO's price edged 0.7% higher in midday trade to over $122. Retail sentiment around the fund flipped to 'bearish' from 'bullish' over the past day. Chatter remained at 'high' levels.
The overall cryptocurrency market dipped 2.8% in the last 24 hours to under $2.5 trillion. CoinGlass data showed $460 million in liquidations over the past day, with $360 million coming from long bets. Bets on Bitcoin lost around $163 million, followed by bets on Ethereum amounting to $121 million.
Even so, the drop in Bitcoin’s price was not as exaggerated as the fall seen in the prices of gold and silver. The SPDR Gold Shares ETF (GLD) fell over 4.5% in midday trade and was among the top trending tickers on Stocktwits. Meanwhile, the iShares Silver Trust (SLV) tumbled almost 7%.
One user said they hoped Bitcoin’s price would drop below $60,000 so they could pick up BTC at a discount.
Others noted how the cryptocurrency had fallen from nearly $76,000 to under $69,000 over the span of just two days.
While the oil price shock amid the U.S.-Iran war was the most recent drag on the cryptocurrency market, hotter-than-expected wholesale prices were the first domino to weigh on Bitcoin’s price Wednesday morning. The Federal Reserve’s hawkish comments on keeping rates steady added more pressure.
Read also: Bitcoin Drops Below $70,000 After Brent Oil Surges To $119 Amid Middle East Attacks
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