Bitcoin falls on US PPI overshoot as 30-year bond yield hits new 19-year high
Bitcoin fell with US stocks as high inflation and a further surge in oil prices coincided with another multidecade high for US bond yields.
Bitcoin and US stocks experienced a decline as high inflation and a surge in oil prices coincided with a record high for US bond yields. Bitcoin fell below $77,000 at the start of Wall Street trading, facing resurgent macro headwinds. TradingView data showed BTC/USD on track for a 2% loss on the day. Oil prices surged, with WTI crude surpassing $100 per barrel for the first time since May and Brent crude reaching $105 per barrel, nearing a 16-week high.
Despite the Treasury's debt buyback operations, US 30-year bond yields hit a new 19-year high of 5.353%, while the 10-year yield reached its highest since November 2023 at 4.924%. The August Producer Price Index (PPI) print of 5.4% year-on-year further highlighted increased inflation. Market expectations of Federal Reserve interest-rate hikes also rose, with CME Group's FedWatch Tool indicating a 69.8% chance of a 0.25% hike at the September 16 meeting.
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