Bitcoin fell as much as 2.4% on Wednesday to approximately $83,600, breaking below the $84,000 mark. CoinGlass data shows that around $550 million in leveraged crypto long positions were liquidated in the past 24 hours. Ethereum dropped nearly 4% to about $2,590, while XRP and SOL also fell by over 3%.

Meanwhile, new Iranian attacks in the Strait of Hormuz led to a surge in oil prices, with Brent crude breaking above $101 per barrel, dashing hopes for a return to normal shipping in the waterway. The US 10-year government bond yield climbed back above 5.3%, and the European Stoxx 600 index ended a three-day winning streak. The Federal Reserve's latest meeting minutes are due to be released later on Wednesday, with analysts warning that a hawkish interpretation could further push up yields and the dollar, and pressure risk assets.