Bitcoin falls to $83,000 while altcoins unwind Friday's rally
- Bitcoin fell to $83,000, down 1.7% since midnight UTC, though smaller tokens took the brunt, the CoinDesk 100 dropping 2.6% to 1,874.56.
- Friday's leaders reversed hardest, the DeFi Select Index down 6.4% and the CoinDesk Computing Index 3.2% after both led last week's rotation.
- Brent crude rose above $100 after Trump turned down Iran's conditions for reopening the Strait of Hormuz, with gold, silver and U.S. equity futures all lower.
Bitcoin BTC$82,982.30 fell to $83,000 on Monday, down 1.7% since midnight UTC and 2.1% over 24 hours, though it is the altcoin market taking the brunt of the damage, with 91 of the 100 CoinDesk 100 constituents lower on the day and the index down 2.6% to 1,874.56.
The unwind is almost a mirror image of Friday, with quant (QNT) falling 16% since midnight after rising 39% over 24 hours in Friday's session, indexing protocol token the graph GRT$0.03188 is down 12% having gained 14%, and tokenization token ondo ONDO$0.5204 is 12% lower. The sector indices that led the advance are leading the retreat, with the DeFi Select Index (DFX) down 6.4% and 7.3% over 24 hours while the CoinDesk Computing Index (CPUS) lost 3.2% and 5.0%.
The trigger sits in oil rather than in crypto, with President Donald Trump rejecting Iran's latest terms for reopening the Strait of Hormuz, conditions that included the release of frozen Iranian funds, the lifting of oil sanctions and an end to the U.S. naval blockade of Iranian ports. Brent crude has climbed back above $100 to $100.83, up 3.2% on the day, reversing Friday's move below that level.