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Bitcoin falls below $65,000 as oil jumps and Treasury yields rise
Brent crude was on track for an almost 10% weekly gain as Bitcoin traded near $64,980, while the 10-year Treasury yield climbed to about 4.7% and Fed hike odds rose toward 40%.
Bitcoin slipped below $65,000 as surging oil prices and higher Treasury yields pushed investors away from risk assets, with the largest cryptocurrency trading near $64,980, according to CryptoSlate data.
The macro shock followed attacks on two Saudi oil tankers in the Red Sea and subsequent comments from President Donald Trump, prompting renewed concerns about energy flows and the already disrupted route through the Strait of Hormuz. Oil settled 7% higher at $100.69 a barrel on July 23, its first close above $100 since May, before easing to about $96.70 in European trading.
The market move rippled across traditional assets, with the 10-year US Treasury yield rising to roughly 4.7%, its highest since January 2025, while the S&P 500 fell 1.2% and the Nasdaq Composite dropped 2.2% on July 23. CryptoSlate also noted that higher energy costs could keep inflation elevated and limit the Federal Reserve’s ability to ease policy.
CME FedWatch placed the probability of a quarter-point rate increase at the July 28 to 29 meeting near 40%, a potential tightening factor for liquidity-sensitive assets. Andre Dragosch of Bitwise said sustained oil gains could push the 10-year yield above 5%, and Jurrien Timmer of Fidelity said rising term premiums could weigh on both bonds and equities given a still-positive correlation.
Latest closeBitcoin $63,925.97 ▼1.7%|S&P 500 7,408.30 ▼1.2%|Nasdaq Comp. 25,137.69 ▼2.1%