Bitcoin Slumps to $76.5K Amid Oil Price Surge and Rising Bond Yields
The price of Bitcoin fell to $76,500 on Thursday as investors reassessed their outlook for U.S. interest rates amid surging oil prices and rising bond yields.
Markets are now focused on Friday's U.S. Consumer Price Index (CPI) report and next week's Federal Reserve decision, which could reinforce expectations for tighter monetary policy and add further pressure to Bitcoin's price.
The broader crypto market followed suit, with total market capitalization down 1.9% to $2.7 trillion.