UPDATE: Macro pressures escalate as Brent crude tops $100 and rate hike odds hit 70%
CIE News ·
Following the Strait of Hormuz standoff, Brent crude climbed past $100 while CME FedWatch probabilities for an October rate hike jumped to 70.3%, driving widespread crypto liquidations.
As previously reported, escalating geopolitical tensions around the Strait of Hormuz triggered a sharp crypto market downturn. Broadening macro pressures emerged as Brent crude oil climbed above $100 a barrel following Donald Trump's rejection of Iran's diplomatic proposal on September 28, 2026. According to Bitcoin.com News, rising energy costs pushed CME FedWatch expectations for an October Federal Reserve interest rate hike to 70.3%, up from 64.2% the previous day.
Surging energy prices and rising yields weighed heavily on risk assets, with 10-year Treasury yields pushing above 5.2%. Bitcoin.com News reported that roughly $500 million in leveraged crypto bets were liquidated within 24 hours, affecting 129,197 traders as Bitcoin (BTC) slid under $83,000 before mounting a partial recovery. Precious metals were also affected, with gold falling 3.4% and silver retreating 4.31%.
According to CoinMarketCap, total crypto market capitalization dropped to around $2.84 trillion amid elevated trading volume and rising leverage shakeouts. Altcoins felt the impact severely, with Sei (SEI) dropping 12% amid broad technical pullbacks, while other tokens such as QNT, ONDO, and NEAR experienced drops ranging between 13% and 20%.