Bitcoin Falls as US Inflation Surges and Bond Yields Hit 19-Year High

BTC/USD dipped below $77,000 on Thursday as risk assets faced increased macro headwinds. Higher-than-expected US PPI inflation data hit 5.4% in August, a 0.1% increase from the predicted rate.

The Middle East strikes sent WTI crude oil over $100 per barrel for the first time since May, while Brent crude approached its 16-week high near $105 per barrel.

US bond yields surged despite a Treasury buyback operation worth $6 billion. The 30-year US bond yield hit its highest level in nearly two decades at 5.353%, last seen in June 2007.

The increased borrowing costs may have knock-on effects on both government and consumer finances, according to The Kobeissi Letter.