Prices for leading cryptocurrencies such as Bitcoin (BTC) are falling on Sept. 1, mirroring a pullback in stocks as bond yields rise around the world.
Bitcoin was trading at $77,975 U.S. in early trading after declining 1.32% over the past 24 hours. Ethereum (ETH) was down a similar amount and trading at $2,445 U.S.
The decline in digital asset prices comes with stocks firmly in the red to begin September as a rout in the global bond market worsens.
In premarket trading, the benchmark S&P 500 index was down 50 points of 0.66%, while the technology-laden Nasdaq Composite (NDAQ) index was down 372 points or 0.65%.
Pressure is being exerted on risk assets such as cryptocurrencies and stocks as bond yields continue to rise around the world.
The U.S. 10-year Treasury bond yield is at its highest level since January 2025, while Japan’s 10-year government bond yield has reached its highest level since August 1996.
Bond yields are rising as traders increasingly worry that persistently higher oil prices may drive inflation upwards and lead to elevated interest rates.
At the same time, U.S. oil prices continue to march higher, rising more than 2% to trade above
$90 U.S. a barrel, as America and Iran resume fighting in the Middle East.
While crypto prices have slipped over the past 24 hours, digital assets are coming off their best monthly performance in years during August, with Bitcoin having gained 25% in the month.
Until mid-August, Bitcoin had spent months trading in a range of $60,000 U.S. to $65,000 U.S.
