Bitcoin Tumbles Below $77K Amid Treasury Yields Surge and Rate Hike Fears
Bitcoin's price plummeted below $77,000 due to a surge in US Treasury yields to multi-decade highs. The 30-year yield reached 5.353%, its highest level since at least 2007. Rising oil prices above $100 per barrel and stronger-than-expected inflation data increased expectations of a Federal Reserve rate hike in September, pushing the probability to nearly 70%. This combination of factors pressured risk assets like Bitcoin, reflecting broader market uncertainty and tightening monetary policy.
The upcoming Consumer Price Index report and Fed meeting will be critical in shaping market direction. The market is closely watching these events as they could lead to further rate hikes and tighter monetary policy, which would negatively impact Bitcoin's price.