Bitcoin falls to around $81,256 as Trump Iran comments weigh on stocks
Trump comments add to risk-off mood
Bitcoin extended daily losses to 3% on Thursday as US President Donald Trump said the US was "not negotiating" with Iran and that something could happen "one way or the other" soon. Around the Wall Street open, Bitcoin was below $82,000, hitting $81,256 on Bitstamp.
These comments came alongside other market moves and added to a risk-off mood, putting pressure on stocks at the open.
Stocks and bonds move lower and higher
- US stocks fell at the open. The S&P 500 Index was down 1.3% at the time of writing, and the tech-heavy Nasdaq Composite Index was down 2.3%.
- As bond returns improved, the US 10-year bond yield approached 5% and slipped to its lowest level since Sept. 23. Treasury bonds were reported as a beneficiary of the shift in global risk sentiment.
- Mixed reactions to Tesla earnings and capital expenditures were also mentioned alongside the geopolitical comments.
Price near ETF cost basis with a narrow range in focus
After reaching nearly $85,000 the day prior, Bitcoin's price continued to circle around the cost basis of US spot Bitcoin exchange-traded funds (ETFs) at about $81,500. An ETF is a type of fund that can be traded on a stock exchange and, in this case, tracks the price of Bitcoin.
According to Bitfinex Alpha, the research arm of crypto exchange Bitfinex, Bitcoin could trade in a narrow range between $81,300 and $84,400 until the Federal Reserve rate meeting on Oct. 28. The analysts said sustained ETF demand with stable leverage metrics could support a breakout above $84,400, while macro headwinds combined with a close below $81,300 could increase the risk of a move towards the Oct. 15 low of $79,821. These are reported analyst views, not confirmed outcomes.
What is confirmed and what is still unclear
Confirmed: Bitcoin fell about 3% to around $81,256. US stocks moved lower at the open. Trump said the US was "not negotiating" with Iran and mentioned the possibility of action soon. Bond yields moved with the 10-year approaching 5% and falling to its lowest level since Sept. 23. Bitcoin was near the reported ETF cost basis of about $81,500.
Still unclear: Whether any military action will happen, when it might happen, or the scale of any action. The exact impact beyond the reported market moves was not detailed in the supplied material.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.