Bitcoin Plummets to September Low as Bond Yields and Oil Prices Surge
Bitcoin plummeted to $75,560 on Tuesday as global bond yields surged and oil prices rose. This combination of factors increased pressure on risk assets. The US 10-year Treasury yield reached a 15-year high of 5.041%, while the UK 30-year yield climbed to 5.95% since 1998.
The crypto market is closely watching the Senate's procedural vote on the CLARITY Act, which requires 60 votes to advance to a Senate-floor debate. QCP Capital noted that passing this legislation would reduce regulatory uncertainty but does not guarantee final approval.
The rising bond yields and oil prices have concerns about global inflation, which could lead central banks to maintain or return to tighter monetary policies. This has added another headwind for cryptocurrencies, with investors monitoring whether BTC can stabilize above $75,000.