Bitcoin slips below $84,000 as oil rally hits crypto, layer-2 tokens lead losses: Crypto Markets Today

Bitcoin BTC$83,237.77 slipped below $84,000 shortly after midnight UTC after Iran stepped up attacks on tankers in the Strait of Hormuz, pushing Brent Crude above $101 a barrel and lifting Treasury yields and the dollar.

The damage grew heavier further down the market, as the CoinDesk 80, which tracks a wide basket of smaller tokens, lost nearly 4% over the past 24 hours, against 2.5% for the CoinDesk 5. DeFi tokens fell almost 6% while the Memecoin Index tumbled by around 5%. Only a handful of tokens including SAND, PUMP and STX have managed to rise since midnight UTC.

Liquidations climbed 235% to $547 million over the past 24 hours, according to CoinGlass. Ether ETH$2,583.50 positions accounted for $174 million of that as it trades at $2,600 having lost 3.5% since midnight.

Demand from U.S. spot bitcoin ETFs had held up going into the drop. The funds took in $119 million on Tuesday, according to SoSoValue, their fourth day of inflows in the last five sessions.