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Solana, ether, XRP slide as Iran strikes spark broad risk selloff
Bitcoin fell about 1% to around $77,500, while traders lifted September Fed hike odds to 66% as oil and Treasury yields rose.
CoinDesk data show major cryptocurrencies broadly declined over the past 24 hours, with riskier tokens dropping more than bitcoin after U.S. airstrikes on Iran revived market stress.
Solana and Tron slid more than 3% each, versus bitcoin down about 1% to roughly $77,500, a spread CoinDesk links to traders cutting the fastest moving positions first. Ether fell about 2% to just above $2,414, and XRP dropped nearly 2% to around $1.35.
The selloff was driven more by macro moves than crypto-specific factors, with Brent crude climbing above $95 on renewed concern about shipping through the Strait of Hormuz. At the same time, the U.S. 10-year Treasury yield touched 4.81% overnight, its highest level in about three years, according to CoinDesk.
CoinDesk reports the rate backdrop is central to how the decline plays out, with CME FedWatch showing a 66% chance of a September Fed rate increase, up from roughly 40% a week earlier. Traders are also watching Friday’s jobs report for signals on whether bitcoin can break above $80,000.
Latest closeWTI crude $90.79 ▲5.9%|Brent $95.25 ▲5.3%|Bitcoin $76,526.58 ▼1.1%