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Bitcoin holds above $78,000 as Brent tops $100 and yields rise
Bitcoin was around $78,451 as Brent hit $100.19, while the US 10-year Treasury yield climbed toward 4.81%.
Bitcoin was holding above the $78,000 level, with CryptoSlate data showing the token trading around $78,451 as Brent crude breached $100. Brent peaked at $100.19 before easing slightly, extending an roughly 25% advance since early August amid renewed concerns about shipping and energy supply routes through the Strait of Hormuz and the Red Sea.
The move in oil coincided with rising Treasury yields that revived inflation fears. The US 10-year yield climbed toward 4.81% as investors weighed the inflationary impact of higher energy costs, and Mohamed El-Erian of Allianz said Brent above $100 has sharpened attention on the economic and social consequences of higher US gasoline prices.
Rising bond yields and oil-driven inflation expectations can historically be a difficult mix for Bitcoin because they can reinforce inflation, reduce the Federal Reserve's room to ease, and lift real yields. Markets were also pricing a 60.4% probability of a quarter-point Fed increase at next week's meeting, up from roughly even odds before last week's stronger-than-expected employment report.
CryptoSlate also highlighted a sign of shifting market behavior, citing a Talos research note. Talos said Bitcoin's 90-day correlation with gold has risen to 0.56, the highest since 2020, while correlations with the Nasdaq 100 and the US dollar have fallen close to zero, though elevated real yields remain a key risk to that emerging gold-like pattern.
Latest closeGold $4,395.60 ▼0.8%|WTI crude $94.28 ▲3.1%|Brent $99.39 ▲3.2%