Bitcoin Volatility Intensifies as Global Bond Sell-Off Continues

Bitcoin kicked off September with characteristic volatility on Tuesday, swinging between $77,200 and $78,000 as a global sell-off in government bonds intensified.

The price action was particularly evident on Monday trading when bitcoin initially looked poised to close above $79,000 before bears took control and pushed the price back down to $78,200 just hours later.

However, the cryptocurrency managed to reclaim $79,000 just after 1 a.m. EST, only to plunge below $77,900 two and a half hours later.

The bond sell-off has pushed borrowing costs across major economies to multi-decade highs, raising concerns about global inflation and contributing to the heightened volatility in the cryptocurrency market.