Bitcoin (BTC) fell below $82,000 early Thursday as crypto joined a broader sell-off in riskier assets amid rising geopolitical tensions.
The world's largest cryptocurrency traded around $81,600 Thursday morning, down more than 3% for the last 24 hours. Other major coins also declined.
Crypto's total market value fell 1.4% over the previous 24 hours, according to CoinMarketCap. Traders saw roughly $400 million in liquidations over the same period, according to data aggregator CoinGlass.
Renewed tensions in the Middle East along with a mixed reception to recent earnings from tech giants have sent all three major US stock indexes lower over the same period.Oil prices rose on Thursday to their highest level since May amid growing worries over an escalation of the war in the Middle East after the Nov. 3 midterm elections.
Brent crude (BZ=F) topped $112 per barrel, while West Texas Intermediate crude (CL=F) hovered above $100 a barrel.
Bitcoin has been struggling to sustain a rebound since its earlier October sell-off.
Read more: What is bitcoin, and how does it work?
The sell-off comes despite some recent signs of improving conditions across the digital asset market.
The latest decline comes as earlier market signals suggested a favorable backdrop for bitcoin.
Fundstrat digital asset strategist Sean Farrell told clients Wednesday night that declining volatility in US Treasury markets and improving conditions in high-yield credit could provide a boost to bitcoin.
"Crypto has historically been sensitive to sharp moves in rate vol, as heightened uncertainty in rates can constrain leverage, tighten liquidity conditions, and weigh on risk appetite," Farrell wrote.
David Hollerith covers a range of developments throughout the financial sector, from Wall Street to banking and asset management to crypto and fintech. Email him at david.hollerith@yahoofinance.com. Follow him on X at @DsHollers.
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This article originally appeared on Yahoo Finance at https://finance.yahoo.com/markets/article/bitcoin-falls-below-82000-as-investors-retreat-from-risk-assets-153142669.html