Key Points:
- Bitcoin opened at $83,275.52 on Thursday, Oct. 8, down 2.7% from Wednesday’s opening price, before falling to $82,347.48 by 7:11 a.m. ET.
- Ethereum opened at $2,573.30, down 4.6%, and slipped further to $2,532.42 as selling pressure extended across major digital assets.
- Brent crude reached $105.21 a barrel, increasing inflation and interest-rate concerns and reinforcing pressure on risk-sensitive assets.
Bitcoin and Ethereum extended their declines on Thursday as a sharp rise in oil prices intensified concerns about inflation, interest rates and global risk appetite. The move highlights how closely crypto markets remain tied to the broader macroeconomic environment, with geopolitical tensions and energy-supply risks increasingly influencing digital-asset positioning.
Bitcoin Breaks Below the $83,000 Area
Bitcoin opened at $83,275.52 on Oct. 8, representing a 2.7% decline from Wednesday’s opening price. By 7:11 a.m. ET, BTC had fallen to $82,347.48, putting the cryptocurrency near its lowest opening levels in roughly two weeks. Yahoo Finance data showed Bitcoin down 0.3% over the previous week, although it remained 5.3% higher over one month.
The decline also brought Bitcoin below the $83,000 technical area that had been closely watched by market participants. CoinDesk reported that approximately $550 million in leveraged crypto positions had been liquidated during the preceding day, with bullish positions accounting for most of the forced selling.
Ethereum Underperforms as Risk Aversion Broadens
Ethereum faced heavier pressure. ETH opened at $2,573.30, down 4.6% from Wednesday’s opening level, before declining to $2,532.42 at 7:11 a.m. ET. Yahoo Finance data showed Ethereum down 4.1% over one week and 42.2% below its level one year earlier.
The wider market reaction suggests that investors were reducing exposure to higher-beta digital assets as macro risks increased. CoinDesk reported Ether around $2,570 during Asian trading, while XRP fell nearly 4%, Dogecoin declined about 3% and Solana dropped more than 2%.
Oil Shock Raises the Inflation Risk
The principal macro catalyst was the renewed surge in energy prices. Brent crude reached $105.21 a barrel on Thursday, according to the Yahoo Finance report, as continuing conflict in the Middle East raised concerns about disruptions to global oil supplies. UK officials reported at least nine attacks in the Strait of Hormuz during October, while a tropical storm approaching the U.S. Gulf Coast added another supply-risk variable.
Reuters reported Brent at $104.28 and U.S. WTI at $91.49 later Thursday, with both benchmarks rising sharply as geopolitical and weather-related supply concerns intensified. The Strait of Hormuz remains particularly important because roughly 20% of global oil trade passes through the waterway.
What Crypto Investors Are Watching Next
For digital-asset markets, the key question is whether higher oil prices translate into persistent inflation pressure and tighter monetary conditions. The U.S. 10-year Treasury yield was around 5.31% in early trading, near levels that have historically increased the opportunity cost of holding volatile, non-yielding assets.
The next phase will depend heavily on energy prices, Treasury yields and whether Bitcoin can stabilize above the $80,000 area. A moderation in crude prices could reduce macro pressure, while another sustained oil shock could keep volatility elevated across crypto markets. Investors will also be watching whether Ethereum and other major tokens continue to underperform Bitcoin as risk appetite deteriorates.
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