Bitcoin Price Tumbles Below $77,000 Amid US Equities Weakness

Bitcoin's price fell below $77,000 due to a decline in US equities and rising Treasury yields. The cryptocurrency was trading at $76,988.00 on Binance's USDT market as of 10:41 a.m. on September 2, down 2.01% from the previous day. Major altcoins also declined, with Ether falling 2.66% to $2,400.69 and XRP dropping 3.13% to $1.34.

The slide in cryptocurrencies was fueled by a weakening US stock market, particularly technology shares. The Dow Jones Industrial Average closed down 0.79% at 52,766.88 on September 1, while the S&P 500 and Nasdaq Composite fell 0.71% and 1.03%, respectively.

The Philadelphia Semiconductor Index declined by 2.1%, with Nvidia losing over 1%. Higher oil prices driven by renewed military conflict between the US and Iran also weighed on risk assets. The yield on the 10-year US Treasury rose to its highest level in 19 months, increasing the likelihood of a Federal Reserve rate hike.