Bitcoin BTC$83,734.97 slipped below $84,000 shortly after midnight UTC after Iran stepped up attacks on tankers in the Strait of Hormuz, pushing Brent Crude above $101 a barrel and lifting Treasury yields and the dollar.

The damage grew heavier further down the market, as the CoinDesk 80, which tracks a wide basket of smaller tokens, lost nearly 4% over the past 24 hours, against 2.5% for the CoinDesk 5. DeFi tokens fell almost 6% while the Memecoin Index tumbled by around 5%. Only a handful of tokens including SAND, PUMP and STX have managed to rise since midnight UTC.

Liquidations climbed 235% to $547 million over the past 24 hours, according to CoinGlass. Ether ETH$2,580.48 positions accounted for $174 million of that as it trades at…