Axios reported on Oct. 7 that the Pentagon had instructed U.S. Central Command to prepare for resuming major combat operations in Iran. The report lifted crude prices: futures tied to WTI crude rose from $89 to $93.20 before falling sharply after Trump’s Truth Social post. At the time of writing, crude futures traded at $90.69.
Bunker mode concerns challenged
Meanwhile, fears over “bunker mode” calls, which added to the market pain Thursday, are being challenged.
“Bunker mode” refers to a precautionary, controlled migration of crypto holdings to fresh wallet addresses whose public keys have not previously been exposed on-chain.
The idea, floated by Ethereum Foundation researcher Justin Drake early this week, is to reduce exposure if advances in AI-accelerated mathematics were to weaken the elliptic-curve cryptography used to secure Bitcoin and Ethereum transactions before quantum computers become capable of breaking it
Coinbase’s top cryptographer Yehuda Lindell called the concerns “FUD,” saying there was no evidence that long-standing elliptic-curve assumptions had been broken. Dragonfly’s Haseeb Qureshi described them as a “very sober call,” while Ethereum co-founder Vitalik Buterin said the risk from AI-accelerated mathematics is real, but pointed to lattices rather than elliptic curves.
Key levels to watch
Analysts are now watching $81,000 as key support for bitcoin.
“For investors, $81,000 is the immediate level to watch. Fresh purchases can be staggered instead of being committed in 1 trade, while high leverage is best avoided until Bitcoin recovers $83,300 and then $85,500 with stronger ETF inflows. A break below $81,000 could take the market towards $80,000 and subsequently the more important on-chain support near $77,200,” Vikram Subburaj, CEO of India-based Giottus exchange, told CoinDesk.
