Crypto Market Crashes as Oil Prices Soar and Treasury Yields Rise

The crypto market has started September on a negative note, with Bitcoin down around 1.7% and Ethereum plummeting by over 3.3%. The total cryptocurrency market capitalization has dropped to approximately $2.58 trillion.

Several macro pressures are contributing to the downturn, including escalating U.S.-Iran tensions, rising oil prices, higher Treasury yields, and growing expectations of another Federal Reserve interest rate hike.

The situation is further complicated by historical data showing that September has traditionally been a weak month for Bitcoin, with an average return of -2.96% over the years displayed on the CoinGlass table.