Morning Minute: Bitcoin Slides Back to $77K on Rising Bond Yields, Oil Spike
Bitcoin fell from $82,000 to below $77,000 due to rising U.S. Treasury yields and surging oil prices. The 10-year yield hit 4.6% and the 30-year exceeded 5%, increasing expectations for a 2026 rate hike. Bitcoin spot ETFs saw $1 billion in outflows after six weeks of inflows. Major cryptocurrencies also declined: Ethereum dropped 10% to $2,110 and Solana retraced to $84. Hyperliquid was an exception, rising 10% on news of a Coinbase partnership and pre-IPO price discovery, particularly with SpaceX contracts launching ahead of its Nasdaq debut. Meanwhile, major U.S. exchanges lobbied regulators against Hyperliquid, citing market manipulation and sanction evasion concerns due to its decentralized and anonymous functionality. In Washington, ethics filings revealed President Trump’s family trust traded crypto-related stocks while pushing pro-crypto legislation, prompting conflict-of-interest questions as crypto-related ethics rules are debated. Finally, Drake referenced Sam Bankman-Fried and Bitcoin in his new albums; SBF responded from prison, though prediction markets see little chance of an early release.
