Bitcoin Price Plunges as Bond Yields and Oil Prices Surge
The price of Bitcoin (BTC) has taken a hit in early September, dropping to $76,600 USD after a strong rally in August. The largest cryptocurrency is not alone in its decline, as stocks are also feeling the pressure.
The main culprit behind this downturn appears to be rising bond yields and crude oil prices. The 10-year US Treasury bond yield has reached 4.814%, its highest level since November 2023. West Texas Intermediate (WTI) crude oil is trading at $90 USD per barrel, while Brent crude oil is hovering around $95 USD a barrel.
This increase in risk assets has put pressure on stocks and cryptocurrencies to begin September, which is historically the worst month of the year for equities. Ethereum (ETH), Solana (SOL), and XRP are also seeing their prices pull back, with Ethereum down 1.50% and Solana and XRP both falling 2% over the past 24 hours.