Bitcoin falls on US PPI overshoot as 30-year bond yield hits new 19-year high
Summary
Bitcoin fell below $77,000 as risk assets weakened under renewed macro pressure. Escalating Middle East tensions pushed oil higher, with WTI above $100 and Brent above $105, raising inflation concerns. At the same time, long-dated U.S. yields surged despite the Treasury’s $6 billion buyback, with the 30-year yield at 5.353% and the 10-year near 4.924%. Hot August U.S. PPI data added to the pressure, coming in above expectations at 5.4% year over year and lifting expectations for a Fed rate hike: odds of a 0.25% move at the Sept. 16 meeting rose to nearly 70%. A key CPI report is due Friday. The ECB also raised rates by 0.25%.
