Oil Price Surge Sends Bitcoin Plummeting to $83K Amid Market Volatility

Bitcoin's price dropped to $83,000 on Monday as oil prices surged, triggering losses across both cryptocurrency and traditional markets. The cryptocurrency fell by 1.7% since midnight UTC and 2.1% over a 24-hour period.

Altcoins suffered deeper declines, with QNT dropping 16% since midnight after gaining 39% over the previous 24 hours during Friday's session. GRT fell 12%, while ONDO also declined by 12%. The DeFi Select Index dropped 6.4% during the session and 7.3% over the same period.

The CoinDesk Computing Index lost 3.2% and fell 5.0% over the same period. Bitcoin futures open interest declined to 650,000 BTC, its lowest level since March. Funding rates also turned negative across major exchanges, showing that remaining leveraged positions leaned toward bearish exposure.

Asset managers moved in the opposite direction, adding 411 contracts and raising their net long position to 3,171 contracts. The broader derivatives market later showed leverage declining, with a 24-hour taker long-short split standing at 46.9% against 53.1% as of 09:50 UTC.