News · Oct 8, 2026 · 4 min read
Bitcoin today: oil sends bitcoin under $83,000, and most Fed officials expect another rise
A report that the White House asked for strike options against Iran lifted oil above $102 and took bitcoin under $83,000 early on 8 October. The Fed's minutes say most officials expect another rise this year, and the 30-year Treasury yield closed at 5.67%.
Oil above $102 takes bitcoin under $83,000
Bitcoin fell 1.6% to just under $82,800 in Asian trading on Thursday 8 October, CoinDesk reported. It broke $83,000, the level the analyst firm FxPro had said would confirm that sellers had taken control, and FxPro said a break could send bitcoin to $80,000 "fairly quickly".
Oil was the trigger again. Brent crude rose 2% to above $102 a barrel on a report that the White House had asked the Pentagon for strike options against Iran. CoinDesk did not name the outlet that published the report. The 10-year Treasury yield rose 2 basis points to 5.31% in the same session.
On our price series bitcoin read $83,285 on the morning of 8 October, the lowest since 21 September, when it closed at $81,136.
Brent traded below $100 on Tuesday. It was above $102 on Thursday morning.
Longs lost $174 million on bitcoin alone on Wednesday
CoinGlass counted $547 million of liquidations across crypto in the 24 hours to Wednesday morning, up 235%, with ether positions accounting for $174 million of that, CoinDesk reported.
On our liquidations chart, bitcoin longs force-closed on 7 October came to $173.9 million against $12.0 million of shorts, the most for longs in a day since 15 September, when $195.3 million were closed. Another $52.2 million of longs had closed on 8 October at the time of writing.
The leverage that was cleared was not expensive to hold. Our funding chart put what longs pay shorts at about 1.6% a year on 7 October, close to nothing, and CoinDesk said funding for the major coins had turned slightly negative.
The funds kept buying through the dip. The US spot ETFs took in $118.8 million on Tuesday 6 October on our ETF flows chart, their fourth inflow day in five sessions, CoinDesk said, citing SoSoValue.
The Fed's minutes say most officials expect another rise by year end
The minutes of the 15 to 16 September meeting, published by the Federal Reserve on 7 October, record that every voter backed the quarter-point rise to a range of 3¾ to 4%. Participants "had not seen sufficient progress on lowering inflation in recent months", and named crude oil and refined fuel prices, pushed up by geopolitical developments, and AI-related investment as pressures on prices.
Looking ahead, "most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end". They also said they approached each meeting "with an open mind". The next meeting is on 27 and 28 October.
All twelve voters backed September's rise. Most participants expect one more.
The 30-year Treasury yield closed at 5.67%
Treasury's daily par yield curve shows the 30-year yield at 5.67% on Wednesday 7 October, up from 5.61% on 1 October. The 10-year closed at 5.28%, a little under the 5.31% of Monday 5 October.
The 5.67% is above every close in the Treasury yields series we hold, which starts in January 2013, and the Monday reading of 5.66% was the previous high. CoinDesk said the rise in oil had pushed yields back toward their highest since 2002.
Robinhood says it bought $25 million of bitcoin
Johann Kerbrat, Robinhood's senior vice president and general manager of crypto and international, said in an interview at Digital Asset Summit Asia that the company had added about $25 million of bitcoin to its balance sheet, CoinDesk reported. "So the $25 million worth of bitcoin is not going to change a lot of the current trajectory of the company," he said.
Robinhood had not confirmed the purchase in a filing or a post, and no coin count was given.
Wallets linked to the US government moved 834 bitcoin to Coinbase Prime
Blockchain intelligence firm Arkham's data showed about 833.6 bitcoin, worth about $71.6 million, leaving wallets it labels as forfeited funds and coins seized in the Bitfinex hack case, CoinDesk reported. Within hours the coins had reached Coinbase Prime deposit addresses.
A transfer to an exchange is not a sale, and none has been confirmed. The government still holds about $27.5 billion of seized crypto, CoinDesk said.
What it means for miners
A fall driven by oil and bond yields changes what a coin sells for. It does not change how many a machine mines. Difficulty has stood at 132.72 trillion since 3 October, and hashprice, what a petahash earns in a day, was $40.74 on 7 October. At the 8 October price it is $39.66.
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 $17,900 of electricity, against $83,285 to buy one.
A day that sends longs out of the market is a day to keep the coins you mine, not to sell them. Output is never guaranteed.
A coin made for about $17,900 of electricity, against $83,285 to buy one.
Sources and further reading
- Bitcoin breaks below $83,000 as oil jumps on Iran strike-plan report — CoinDesk, 8 Oct 2026
- Liquidations jump to $547 million as oil rally hits crypto market — CoinDesk, 7 Oct 2026
- Minutes of the Federal Open Market Committee, September 15-16, 2026 — Federal Reserve, 7 Oct 2026
- Daily Treasury Par Yield Curve Rates, October 2026 — US Department of the Treasury, 7 Oct 2026
- Robinhood adds bitcoin worth $25 million to its balance sheet — CoinDesk, 7 Oct 2026
- U.S. government moves over $100 million in BTC and BNB; a sale hasn't been confirmed — CoinDesk, 7 Oct 2026
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.