BTC Price Drops Back To $83K – Global Bond Rout Drags MSTR, COIN, CRCL, BMNR Stocks Toward September Lows
(BTC) was dropping in early morning trade on Wednesday, with the global bond selloff continuing to weigh on the cryptocurrency and stock market alike and dragging large-cap crypto equities lower. fell more than 3% in the last 24 hours, trading around $83,700 at the time of writing. The drop wiped out over $600 million in crypto bets, with $550 million coming from short positions. Meanwhile, S&P 500 futures moved 0.35% lower in pre-market trade, Nasdaq futures dropped 0.72%, and Dow Jones futures fell around 0.6%.The pullback followed a record-setting session for U.S. stocks, with the Nasdaq-100 and S&P 500 reaching all-time highs on Tuesday.Ethereum treasury Bitmine Immersion Technologies (BMNR) took the biggest hit among large-cap crypto equities, followed by Strategy (MSTR), USDC stablecoin issuer Circle (CRCL) and crypto exchange Coinbase (COIN). fell as much as 4.5% in pre-market trade, while MSTR stock dropped 3.7%, COIN stock tumbled 4% and CRCL stock drifted 2.7% lower.Crypto Stocks Face Pressure Despite COIN, HOOD Target HikesCoinbase and Robinhood (HOOD) received bullish price-target revisions from Wall Street, but crypto-linked equities remained under pressure. Goldman Sachs raised its Coinbase price target to $244 from $219, maintaining a ‘Buy’ rating. The firm cited expense discipline, potential regulatory tailwinds from the proposed SEC digital asset innovation exemption and an attractive valuation.Barclays raised its Robinhood price target to $132 from $105, reiterating an ‘Overweight’ rating, as part of its third-quarter (Q3) earnings preview. The firm said trading conditions looked more mixed heading into the fourth quarter (Q4), though the interest-rate curve could support net interest income in 2027.Barclays also raised its Coinbase price target to $149 from $95 but maintained an ‘Underweight’ rating. Analyst Benjamin Budish noted that trading volumes improved in Q3 from multi-year lows in June. However, the firm’s estimates for fiscal 2026 and subsequent years remain well below Wall Street consensus.Global Bond Selloff Adds Pressure On Risk AssetsBitcoin’s drop wiped out over $550 in short bets. The global bond selloff continued Wednesday, with government bond yields rising across the U.S., Europe and the U.K. The U.S. 10-year Treasury yield stood at 5.333%, while the 30-year yield reached a fresh high of 5.715% at the time of writing. In the U.K., the 30-year gilt yield climbed above 6% to 6.014%.Renewed dollar strength has added to the pressure, with the U.S. Dollar Index (DXY) climbing back above 102.How Are Retail Traders Feeling About The Market?The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust Series 1 (QQQ) were among the top trending tickers on Stocktwits at the time of writing. Retail sentiment toward both ETFs, which track the S&P 500 and Nasdaq-100, respectively, remained in the ‘extremely bullish’ zone.Retail sentiment around Bitcoin, on the other hand, shifted to ‘bearish’ from ‘neutral’ territory over the past day.Retail traders on the platform were divided on Bitcoin’s pullback. One trader said the decline was not yet catastrophic but warned that a failure to cool off now could leave the market vulnerable after the midterm elections.View this Stocktwits postAnother trader viewed the pullback as a healthy reset early in what they expect to be a major rally, stating that similar declines have been common during past crypto bull cycles.View this Stocktwits postBitcoin’s price has fallen around 6% this year and remains around 30% below its record high of over $126,000 set last October.