Bitcoin Holds $86,000 as Brent Crude Drops Below $100
Crypto breadth narrows sharply as oil prices fall on US-Iran deal hopes. Bitcoin cash surges 32% on CME futures listing news.
Key points
- Bitcoin traded at $86,379 with daily volume down 36% to $38 billion.
- Brent crude fell below $100 to $99.13 on US-Iran deal hopes.
- Bitcoin cash rose 32% as CME futures listing boosted trading activity.
Bitcoin traded at $86,379, up 0.24% since midnight UTC. Daily volume dropped 36% to $38 billion after Monday's breakout.
Thirty-eight of the 100 CoinDesk 100 constituents were lower on the day. This marks a sharp narrowing of the recent rally breadth.
Brent crude falls below $100
Brent crude slipped to $99.13, the first drop below $100 since Sept. 9. This removes the energy-driven inflation scare from the market picture.
The decline stems from hopes of a U.S.-Iran deal. A Qatari mediator is currently in New York for talks with U.S. officials.
Derivatives flow turns decisively short
Crypto futures volume fell 21% to $227 billion in 24 hours. Meanwhile, open interest edged up 1% to $159.4 billion.
Taker flow turned short for the first time in over a week. Shorts now make up 51% of total trading volume on major exchanges.
Bitcoin cash leads the surge
Bitcoin cash rose 32% over 24 hours following its CME futures listing. Open interest increased nearly 7% to its highest since Aug. 22.
The annualized funding rate hit 8% for this asset. This indicates a rally supported by long positioning rather than just headlines.
