Bitcoin experienced a notable decline, with its price dropping below $83,000. On Wednesday morning in New York, the asset was trading at $83,062, marking a decrease of nearly 4% over the preceding 24-hour period. During the session, the price reached a low of $82,823, following a peak of $87,086 recorded the previous week.
The market volatility led to the liquidation of nearly $178 million in long positions for bitcoin within 24 hours, according to data from Coinglass. This downward pressure coincides with broader market trends, as gold, silver, and stocks also saw price dips during the same period.
The decline follows a surge in oil prices, with Brent crude rising above $102 per barrel following increased attacks on vessels in the Strait of Hormuz. Concurrently, U.S. mortgage rates have climbed for seven consecutive weeks, reaching their highest levels in nearly three years.
Rising borrowing costs and oil prices have fueled concerns regarding potential interest rate hikes by the Federal Reserve. While the central bank increased rates last month, the current economic environment remains sensitive to further adjustments, impacting asset performance across various sectors.
