Bitcoin’s Price Slides As Bond Yields And Oil Prices Rise

The price of Bitcoin (BTC) continues to slide to start September following a blistering rally in August.

Bitcoin was trading at $76,600 U.S. early on Sept. 2, having fallen another 1% over the past 24 hours. The largest cryptocurrency continues to pullback alongside stocks.

The catalyst for the decline in risk assets appears to be rising bond yields and crude oil prices as the U.S. and Iran resume fighting.

The yield on the 10-year U.S. Treasury bond has risen to 4.814%, its highest level in nearly three years or since November 2023.

At the same time, West Texas Intermediate (WTI) crude oil, the U.S. standard, is back trading at $90 U.S. per barrel as tensions flare in the Middle East.

Brent crude oil, the international benchmark, is trading right around $95 U.S. a barrel.

The situation has exerted pressure on stocks and cryptocurrencies to begin September, which is historically the worst month of the year for equities.

Other digital assets also continue to see their prices pullback. Ethereum (ETH) is down 1.50% on the day and trading at $2,385 U.S.

Solana (SOL) and XRP (XRP) are each down 2% over the past 24 hours and falling lower alongside larger cryptocurrencies.

The pullback comes after Bitcoin experienced its biggest rally in years during August, rising nearly 25% during the month to top $80,000 U.S. Ethereum rose more than 30% in August.