Home / Blog / 7 October 2026

News · Oct 7, 2026 · 4 min read

Bitcoin today: oil above $100 pushes bitcoin under $84,000 as stocks close at a record

Iranian attacks on tankers lifted oil, Treasury yields and the dollar overnight, and bitcoin briefly dropped under $84,000 as longs were liquidated. The S&P 500 closed at a record the day before, and a South African bank began selling bitcoin to its customers.

Firsthand card: "Bitcoin today: oil above $100 pushes bitcoin under $84,000 as stocks close at a record"

Oil above $100 pushes bitcoin under $84,000 for a few hours

Bitcoin traded near $86,600 on Tuesday and fell to about $83,840 early on Wednesday 7 October, CoinDesk reported. The trigger was oil: Brent rose almost 1% to about $101.50 a barrel after Iran stepped up drone and missile attacks on tankers, and the 10-year Treasury yield rose 3 basis points to 5.31% while the dollar strengthened against every other major currency.

The UK Maritime Trade Operations centre tracked at least nine attacks on commercial ships in the first week of October, according to Coinpedia, which put liquidations across all crypto at $548.97 million in 24 hours on CoinGlass data, with longs more than 88% of them. On our liquidations chart, bitcoin longs closed so far on 7 October come to $118 million against $3 million of shorts.

The analyst firm FxPro had flagged $84,000 as the level where a break would be "a victory for the bears", CoinDesk noted, and $80,000 as the next stop. The dip was shallow against the month: our series has closed between $83,471 and $86,607 every day since 22 September.

Chart: Bitcoin's daily close since 15 September. Since the jump on 22 September it has stayed in a band of about $3,000, and Wednesday's dip was a move inside it. Open the chart

The S&P 500 closed at a record while bitcoin stayed in its range

The S&P 500 rose 0.6% on Tuesday to close at 7,821, its first record close in two months, with the Nasdaq also at a record, according to CoinDesk's live coverage. Bitcoin did not follow: it closed Tuesday at $85,771 on our price series, 0.8% under Monday.

The Fear & Greed Index read 71 on Wednesday, in the greed band, as it has on every day but five since 15 September.

ETFs gave back $89.9 million on Monday

The US spot bitcoin ETFs saw net outflows of $89.9 million on 5 October, the largest outflow day of the month so far, after $189.8 million of inflow on 2 October, according to TFTC's monthly tracker. Our ETF flows chart shows the same figure. Tuesday's flows are not published yet.

The funds held 1,280,315 bitcoin at the last reading on our holdings series, within about 1,200 coins of where they stood on 1 October. The rush of September, told in our piece on the squeeze and the inflows, has become a pause.

Chart: Net flow into the US spot bitcoin ETFs each trading day since 15 September. October's flows are small beside September's, and Monday's outflow is the largest of the month. Open the chart

A South African bank starts selling bitcoin to its customers

First National Bank launched crypto trading for its retail customers on 7 October, through its existing share-investing products and a partnership with the licensed South African exchange VALR, crypto.news reports. Customers can buy bitcoin, ether, XRP, Solana and the USDT stablecoin from R10, around the clock.

The coins stay inside the bank's platform: crypto cannot be withdrawn to an outside wallet or deposited from one. FNB did not say how many customers have the service.

The Fed publishes its September minutes today

The minutes of the 15 to 16 September meeting are due on Wednesday, three weeks after the decision, which is the Fed's standing practice. CoinDesk says traders are watching whether the notes "sound patient or still point to one more increase before the end of the year". The next meeting is 27 to 28 October.

What it means for miners

Nothing in today's move touched the network. Difficulty has stood at 132.72 trillion since its 0.03% change on 3 October, and hashprice was $40.85 per petahash per day on 6 October, between $39.77 and $41.17 on every day since 24 September. What a miner earns per day did not change while bitcoin dipped.

The gap between making and buying did not change either. With hashprice at today's level, the most efficient machine in stock on our cheapest power, the Bitmain Antminer S23 XP Hyd at 8.9 J/TH in Nigeria at 3.9¢ a kilowatt-hour, makes a coin for about $18,000 of electricity, against $85,549 on our price series for 7 October.

A day that sends longs out of the market at the top of a range is a day to keep the coins you mine, not to sell them. Output is never guaranteed.

A coin made for about $18,000 of electricity, with the market price near $85,500.

Sources and further reading

Disclosure

Firsthand Bitcoin sells and hosts mining hardware, including this machine. No manufacturer, distributor or affiliate programme paid for or reviewed this page and we take no commission on the links above. Historical figures are computed from daily bitcoin price and network hashprice, each day valued at its own prices. Nothing here is investment advice.