Bitcoin slips to $82,300 as oil climbs and US inflation data looms

Bitcoin gave back its weekend gains and fell 1.49% to $82,345 over 24 hours, according to CoinGecko data as of 19:00 UTC on 12 October. Cointelegraph reports that strikes involving Ukraine and Iran sent oil toward a one-month high, and Bitcoin failed to hold above $84,000 into the Wall Street open.

Bitcoin

Bitcoin traded between $82,345 and $84,231 in the past 24 hours and sat at the bottom of that range at the snapshot. It is down 3.6% over seven days. Trading volume was $24.9 billion and its market value stood at $1,654.9 billion.

CoinDesk says a firm dollar and rising bond yields are weighing on sentiment. That fits the backdrop our sister site described in its piece on the dollar's fourth straight weekly gain. Decrypt adds that October rate-hike odds have slumped, but analysts say Treasury yields at two-decade highs still cap risk appetite. Earlier in the day, Cointelegraph noted key weekly support around $82,500. The latest price is just below that level.

Chart: BTC/USD on TradingView.

Ether and the majors

Ether held up better than most, down 0.87% on the day, but it has lost 7.21% over the week. Solana, XRP and Cardano led the declines.

The slide reverses an earlier move. CoinDesk reported this morning that altcoins had rallied on thin trading, with the CoinDesk 80 up around 3% in 24 hours.

Breadth and sentiment

Total crypto market value fell 3.65% to $2.793 trillion. Bitcoin dominance stood at 59.1% and Ether's share at 10.9%.

The sentiment signals conflict. Alternative.me's Fear & Greed Index shows 69 (Greed) for 12 October, up from 61 a day earlier but below 73 on 6 October. Decrypt, however, reports the index at 56, down from an August peak of 82, citing oil, bond yields and ETF outflows. Readers should treat the latest sentiment reading with caution.

News drivers

• ETF flows: Spot bitcoin ETFs lost $681 million last week, according to CoinDesk.
• Strategy: The company added 250 BTC, taking its holdings to 848,250 BTC while keeping a $4.88 billion cash reserve, Cointelegraph reports. Decrypt puts the purchase at $21.5 million alongside a $192 million buyback of STRC preferred stock.
• Bitmine: The ether treasury firm added $32 million in ETH and now holds 6.03 million ETH, or 4.9% of supply, Decrypt reports. Chairman Tom Lee told CoinDesk he sees a $2 trillion wealth transfer driving demand from younger investors.
• Evernorth debut: The Ripple-backed XRP treasury rose 5% at its Nasdaq opening print, per Cointelegraph. Decrypt notes that 80% of SPAC investors cashed out first and its 473 million XRP are worth roughly 40% less than at signing.
• Ledger: Ledger says every confirmed case involves devices sold by reseller CryptoBilis, with up to $93 million traced and $10 million frozen, according to CoinDesk. Decrypt reports the reseller has stopped selling hardware wallets.
• Regulation: Australia's ASIC proposed leverage caps for crypto-settled derivatives, per Cointelegraph. A global financial watchdog called for cross-border planning for a stablecoin crisis, CoinDesk reports.

What to watch next

1. US CPI data this week. Both Cointelegraph and Decrypt flag inflation figures as the next source of volatility.
2. Oil prices after the Ukraine and Iran strikes cited by Cointelegraph.
3. Spot bitcoin ETF flows after last week's $681 million outflow reported by CoinDesk.
4. Ledger's investigation into the CryptoBilis cases and any further frozen funds.
5. Bitmine's holdings, which CoinDesk says are inching closer to 5% of Ether supply.