US 30-year bond yield rises to 5.353% amid Bitcoin drop below $77,000
Bitcoin fell under $77,000 as US PPI data showed 5.4% inflation and the 30-year Treasury yield surged to its highest level since June 2007.
Bitcoin dropped below $77,000 on Thursday as investors reacted to higher-than-expected inflation data. The US Producer Price Index (PPI) rose 5.4% year-on-year in August, exceeding analyst forecasts and signaling renewed inflationary pressure. Consequently, risk assets faced significant downsides. The drop coincided with a surge in long-dated US bond yields; the 30-year Treasury yield climbed to 5.353%, a figure not seen since June 2007. This rally occurred despite the Department of the Treasury executing a $6 billion debt buyback operation on Wednesday. Market volatility also extended to commodities, where Middle East conflicts pushed WTI crude oil prices above $100 per barrel for the first time since May. Brent crude climbed past $105 per barrel, nearing a 16-week high. The US 10-year yield simultaneously reached its maximum level since November 2023 at 4.924%. Chart data indicates Bitcoin could lose an additional 2% during the session following weakness in equity markets.
