Bitcoin price drops to $82.7K October low as bond sell-off resumes on Iran nerves

Key Summary

Bitcoin price dropped to $82.7K, reaching a month-to-date low, as stocks reversed after all-time highs and bond yields spiked higher due to concerns over Iran's Revolutionary Guards and oil prices. US bond yields reached new 24-year highs, while stocks fell after hitting fresh all-time highs on Tuesday. The decline in Bitcoin's price is attributed to waning demand on both spot and derivatives markets, with futures traders showing limited willingness to take on additional risk.