Bitcoin fell below $77,000 on Thursday during the opening of Wall Street, pressured by a combination of higher-than-expected inflation data, a new spike in oil prices, and U.S. Treasury bond yields at nearly two-decade highs.
The Producer Price Index (PPI) for August came in at 5.4% year-over-year, one tenth above estimates, reinforcing expectations of further rate hikes by the Federal Reserve. CME Group’s FedWatch tool placed the odds of a 0.25% increase at the September 16 meeting at 69.8%, compared to 61.2% the previous day.
The 30-year Treasury bond yield reached 5.353%, its highest level since June 2007, shrugging off a $6 billion buyback executed by the Treasury. WTI crude oil surpassed $100 per barrel for the first time since May, amplifying inflationary pressures. “The bond market is literally fighting against the U.S. Treasury,” warned one analyst.
According to the latest CoinMarketCap data, Bitcoin is trading at $77,123, down 1.7% over the past day, with trading volume rising 8% to exceed $30.5 billion.
Source: https://coinmarketcap.com/currencies/bitcoin/
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