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Bitcoin slides as yen rally and higher bond yields hit risk assets
Bitcoin dominance fell to 59.35% from 60.41% over the past five sessions, while WTI climbed to about $94.44 a barrel and traders increased expectations for a Sept. 16 rate hike.
Bitcoin fell to around $78,400 and slid more than 1% over the past 24 hours as risk sentiment turned cautious, according to CoinDesk. The article links the move to a strengthening yen and higher government bond yields.
CoinDesk reports that the yen extended its rally against the U.S. dollar, moving beyond 154 to 152.99, its strongest level since February. The strengthening revived concerns about an unwind of the yen carry trade, adding pressure to global risk assets including bitcoin, gold, and technology stocks.
Oil prices also moved higher, with WTI futures at about $94.44, the highest level since June 8, and rising by 9.5% in August so far. CoinDesk adds that traders, citing CME FedWatch, put a 60% chance on the Fed raising rates at its Sept. 16 meeting after strong U.S. nonfarm payrolls.
The article also highlights a shift in crypto market share: bitcoin dominance declined for a fifth straight trading day, dropping to 59.35% from 60.41% based on TradingView data. CoinDesk frames the trend as money rotating into other coins after bitcoin’s August surge from roughly $63,000 to $80,000.
Latest closeGold $4,431.70 ▲1.9%|WTI crude $90.70 ▲0.5%|Bitcoin $78,714.67 ▼0.5%