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

Bitcoin (BTC) fell further at Wednesday’s Wall Street open as oil prices gained on US-Iran war headlines and stocks came off all-time highs.Key points:Bitcoin fell to $82,734 on Bitstamp, marking its lowest levels so far traded in October.US bond yields spiked to new 24-year highs and Brent crude oil prices rose to $102 per barrel after Iranian comments on shipments through the Strait of Hormuz.BTC price analysis warns of lackluster demand on both spot and derivatives markets.Bond yields set new 24-year high on Iran oil clampdownData from TradingView showed BTC/USD dipping below $83,000, setting new month-to-date lows.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewMixed signals over oil traffic through the Strait of Hormuz pushed Brent crude oil to $102 per barrel on the day, while WTI crude reached $91.An adviser to Iran’s Revolutionary Guards’ Commander quoted by Reuters on the day warned of a clampdown on traffic that it had “deemed illegal.”“The Strait of Hormuz is ​closed, and the armed forces of the Islamic Republic of Iran ​have full control over it. This situation will continue until Iran’s legitimate demands are met,” he said.CFDs on WTI crude oil one-hour chart....