Crypto
Bitcoin Slumps as U.S. Treasury Yields Hit Multi-Decade Highs
The Bitcoin price dipped 2% to $77,400 on Wednesday due to macroeconomic pressures.
A combination of escalating US-Iran tensions and a significant spike in U.S. Treasury yields, which reached multi-decade highs, fueled bearish sentiment across key cryptocurrency assets.
The renewed geopolitical tensions and surging oil prices sent Brent crude above $90, fuelling inflation fears.
Market odds for a September Fed rate hike jumped to 65%, lifting the 10-year Treasury yield to multi-decade highs.
This classic risk-off setup pressured equities and crypto in lockstep, with investors piling positions in risk-free assets as geopolitical tensions stoked inflation concerns.