Bitcoin climbs back to $82,100 after sub-$80,000 dip as yields ease

Bitcoin recovered to $82,135 by the evening, erasing its earlier drop below $80,000. CoinDesk reports that the coin bounced back to $82,000 as stocks turned positive after big early losses, helped by sharply lower bond yields.

The rebound came hours after our afternoon recap of the sub-$80,000 dip. Sentiment, however, did not recover with price. The Fear & Greed Index left "Greed" territory for the first time in more than a week.

Bitcoin

According to CoinGecko data, Bitcoin traded at $82,135 at 23:41 UTC. That is up 0.81% over 24 hours and 0.95% over seven days. The 24-hour range ran from a low of $79,806 to a high of $82,508, so the coin now trades near the top of the day's band. Spot volume reached $40.5 billion.

The low came after US producer prices surprised. Cointelegraph reports that September US producer inflation overshot expectations by 100 basis points, the largest monthly gain since March 2022. Decrypt says the hot data revived Fed rate-hike bets and that nearly $1 billion in crypto positions were liquidated as Bitcoin whipsawed. Our sister site covers how the dollar eased from 18-month highs despite the hot PPI print.

Chart: BTC/USD on TradingView.

Ether and the majors

Ether rose 0.96% to $2,438.88 but is still down 0.94% on the week. Solana posted the biggest 24-hour gain among the majors, while Dogecoin lagged. Decrypt reported earlier in the day that analysts blamed macro pressure for "outsized drawdowns" in ETH, XRP and SOL.

Solana's 4.37% weekly loss remains the deepest in the group.

Market breadth and sentiment

Total crypto market value stood at $2.777 trillion, down 2.13% over 24 hours, per CoinGecko. The gap between Bitcoin's gain and the broader decline shows how much ground the wider market lost during the day. Bitcoin dominance was 59.3% and Ether dominance 10.7%.

The Crypto Fear & Greed Index fell to 53 (Neutral) from 62 a day earlier. Every reading from October 8 to October 14 sat in "Greed", with a peak of 69 on October 12.

News drivers

• Russia: The Bank of Russia confirmed that Russians have until July 1, 2027 to trade crypto directly with each other, Decrypt reports. After that, every trade must go through an approved broker or exchange. Cointelegraph adds that separate rules already bar transfers from digital accounts to self-custody wallets.
• Stablecoins: Mastercard launched its Global Money Platform with BVNK, letting banks and fintechs hold, convert and spend fiat and stablecoins through one API, according to Decrypt. Cointelegraph says Nuvei and Marqeta are among the first adopters.
• US policy: CoinDesk reports that the departure of White House crypto adviser Patrick Witt leaves the digital assets office vacant and its policy aims uncertain.
• Asia: Cointelegraph reports that Bitcoin and Ether ETFs launched trading in Thailand and that South Korea blocked 27 exchanges.
• Corporate: Binance.US is reportedly seeking a $1 billion valuation in a possible $100 million round, per Cointelegraph. Nasdaq-listed Tron set up a $200 million at-the-market share offering to fund TRX purchases, Cointelegraph also reports.

What to watch next

1. Whether the White House names a replacement to lead the vacant digital assets office, as flagged by CoinDesk.
2. Further Bank of Russia rules ahead of the July 1, 2027 P2P trading deadline.
3. Progress on the reported Binance.US funding round and Tron's share offering.
4. Early adoption of Mastercard's stablecoin platform beyond its first partners.