Investing.com-- Bitcoin slid on Wednesday, coming under pressure from surging oil prices and Treasury yields as the prospect of higher interest rates and inflation dulled appetite for speculative assets.

The world’s largest crypto fell 2.3% to $83,970.6 by 05:19 ET (09:19 GMT), having traded largely rangebound so far in October after a strong performance in the third quarter.

Broader crypto prices also fell, with hopes for more crypto-friendly regulation in the United States doing little to spur risk appetite.

Crypto also largely lagged record highs on Wall Street, as high-flying artificial intelligence stocks dominated investor interest.

Bitcoin struggles amid high oil, yields

A surge in oil prices this week spooked Bitcoin and broader risk-driven markets this week. Crude rose sharply amid growing concerns over more supply disruptions stemming from the Middle East, while adverse weather in the Gulf of Mexico also threatened U.S. production.

Higher oil factors into higher inflation, which in turn is expected to elicit interest rate hikes from major global central banks– a scenario that bodes poorly for crypto.

Government bond yields rose sharply on this notion, with benchmark U.S. 10-year Treasury yields racing to 24-year highs.

While yields did cool marginally this week, they remained close to their recent peaks, keeping crypto markets under pressure.

OKX announces fund raise at $25 bln valuation

Crypto exchange OKX said on Tuesday it completed a strategic investment from Circle, Qube Research, Ripple, and Standard Chartered at a $25 billion pre-money valuation.

The exchange did not specify the value of the funding round, but said that the round further aligned it with “some of the most critical builders of financial infrastructure.”

The fundraise comes after OKX announced an investment from Intercontinental Exchange earlier in 2026.

Robinhood adds $25 million of Bitcoin to its balance sheet

Robinhood has bought $25 million of Bitcoin for its balance sheet, saying the move is meant to show its commitment to the crypto sector.

Johann Kerbrat, the company’s senior vice president and general manager of crypto and international, told The Block in an interview Wednesday that the purchase reflects how much the company values bitcoin. "We care deeply about Bitcoin and the ecosystem around it," he said. "For us, it’s more aligning our company and our vision with the crypto community."

Kerbrat said that given Robinhood’s size, the purchase is a relatively small investment.

Crypto price today: altcoins drift lower with Bitcoin

Broader crypto prices all fell on Wednesday, tracking losses in Bitcoin as a Q3 rally lost steam going into October.

While October tends to be seasonally strong for crypto– a trend dubbed as “uptober,” the sector has a storm of headwinds to contend with this year. Crypto markets had also largely faltered in October 2025.

World no.2 crypto Ether fell 3.8% to $2,607.66, while XRP dipped 3%.

Cardano tumbled about 8%, while Solana and BNB shed more than 1% each.

Memecoins Dogecoin and $TRUMP fell 5.3% and 7.4%, respectively.

Vahid Karaahmetovic contributed to this report.

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