Oil Surge Sends Bitcoin Plunging Below $83K

Bitcoin's price plummeted to USD 83,000 on Monday as rising oil prices triggered losses across both cryptocurrencies and traditional markets. This decline marked a 1.7% drop since midnight UTC and a 2.1% decrease over the past 24 hours.

Altcoins suffered even deeper declines, with QNT plummeting 16%, GRT falling by 12%, and ONDO also experiencing a 12% loss. 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 time frame.

Futures data revealed that traders reduced leverage as market uncertainty increased. Bitcoin futures open interest declined to 650,000 BTC, its lowest level since March, while funding rates turned negative across major exchanges, indicating bearish exposure among remaining leveraged positions.