Bitcoin Dips Below $77,000 as US 30-Year Yield Hits 5.353%

Bitcoin dropped below $77,000 as investors reacted to stronger inflation data and soaring energy costs. US Producer Price Index rose 5.4% in August, surpassing expectations and spiking risk-asset volatility. Simultaneously, WTI crude oil exceeded $100 per barrel for the first time since May following escalation in the Middle East. Brent crude climbed above $105 per barrel, approaching a sixteen-week high. In the bond market, US Treasuries yielded higher returns despite a $6 billion debt buyback campaign executed by the Treasury on Wednesday. The thirty-year yield climbed to 5.353%, a figure not recorded since June 2007. The ten-year yield also peaked at 4.924% compared to November 2023 levels. Trading platforms indicated Bitcoin could suffer approximately two percent losses during the day, mirroring weakness in broader US stock markets. These simultaneous macroeconomic pressures created a challenging environment for digital assets and traditional equities alike.