Bitcoin Slips Below $82k

Sentiment soured in cryptocurrency markets amidst a brutal bond selloff and a surge in crude oil prices. Overall crypto market capitalization slipped around a percent in the past 24 hours while Bitcoin dropped below $82 thousand in the past 24 hours.

The aggregate liquidations during the 24-hour period stood at $429 million. Liquidation of long positions amounted to $376 million, while the liquidation of short positions amounted to $53 million only.

Crypto markets also digested the hawkish minutes from the recent FOMC that revealed a committee focused on inflation combat.

Meanwhile, Fed rate hike expectations for October continue to remain low despite minutes of the FOMC released on Wednesday reinforcing the Fed's hawkish tone at the time of the rate hike. The likelihood of a quarter percentage rate hike by the Fed in October has edged up to 19.4 percent, from 17.7 percent a day earlier, the CME FedWatch tool shows.

Ten-year U.S. treasuries are currently trading at 5.286 percent, jumping 0.15 percent from the previous close.

The U.S. Dollar has retreated, causing the Dollar Index to drop 0.11 percent overnight. The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of 6 currencies is currently trading at 102.13 versus 102.24 at the previous close.