Bitcoin Falls Below $83,000 as Major Cryptocurrencies Decline
Bitcoin fell below $83,000, while Ethereum, XRP and Dogecoin also declined. The report cited elevated Treasury yields, a stronger dollar and uncertainty ahead of U.S. midterm elections.
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1 million. Over the past 24 hours, Starknet, Cosmos Hub and Aptos were among the biggest decliners. Other developments included criticism of Ripple over a $250,000 reward for identifying a critical XRP flaw; a trader's warning that Ethereum and XRP could fall another 10% before a meaningful recovery; and a report examining whether the midterms could spur a Bitcoin rally, citing 3 factors in favor. Additional reports said Standard Chartered launched RLUSD custody as XRP Ledger activity surged; Peter Schiff was surprised by Bitcoin's resilience but expected new lows; and Binance's founder predicted Bitcoin would reach $1M “much quicker” than anticipated.
Bitmine bought another 12,532 ETH as Tom Lee's buying “stop” drew attention. On Scott Melker’s podcast, industry veterans Andy Constan, Dave Weisberger and Mike McGlone said Bitcoin has repeatedly failed to move above $86,000 to $87,000, pointing to the prospect of further consolidation before a possible rally. McGlone said high Treasury yields and a strong dollar continue to weigh on Bitcoin and other non-yielding assets. Constan said Treasury Secretary Scott Bessent’s efforts to contain long-term yields through bond buybacks and lower long-term debt issuance could lift asset prices while adding to inflation.
He expects Bitcoin to trade sideways rather than deliver an immediate explosive 10x rally as it develops into a reliable store of value. The panel noted that prediction markets put the chance of a Democratic sweep of Congress at 61%. It warned that Republican losses could complicate Trump’s crypto agenda and contribute to political gridlock. Strive Strategy added 250 Bitcoin.
A separate headline asks whether MSTR can break through $160. A related item asks whether Bitcoin will reach $500,000 by 2030 and reports that Strive CEO Matt Cole says it may.