Bitcoin fell to a September low of around $75,560 on Tuesday as rising global bond yields and higher oil prices increased pressure on risk assets. Markets also remained cautious ahead of a key US Senate procedural vote on the CLARITY Act.
BTC/USD dropped below $76,000 during the Wall Street session, giving back much of the previous day’s recovery toward $79,600. The decline marked Bitcoin’s lowest level so far this month.
The crypto market was also closely watching the Senate’s procedural vote on the CLARITY Act, scheduled for Tuesday afternoon. The legislation requires 60 votes to advance to a Senate-floor debate, although market-based expectations suggested limited chances of the bill becoming law this year.
QCP Capital said that while progress on the legislation could reduce regulatory uncertainty and strengthen the longer-term case for institutional crypto adoption, passing the procedural stage would not guarantee final approval.
Meanwhile, global bond yields surged to multidecade highs, adding to pressure on cryptocurrencies and other risk-sensitive assets. The US 10-year Treasury yield moved above 5%, reaching 5.041%, its highest level since June 2007.
Bond markets in other major economies also came under pressure. The UK 30-year yield climbed to 5.95%, its highest level since 1998, while Japan’s 10-year yield reached 3.04%, marking a three-decade high.
Rising oil prices have added to concerns about a renewed wave of global inflation. WTI crude approached $105 per barrel on Tuesday as geopolitical tensions increased risks to major energy and shipping routes.
Higher inflation expectations could encourage central banks to maintain or return to tighter monetary policies. Markets are widely watching upcoming policy decisions from the US Federal Reserve and Bank of Japan, with potential rate increases creating an additional headwind for cryptocurrencies.
The combination of elevated bond yields, expensive oil and uncertainty surrounding monetary policy has increased pressure on Bitcoin. Investors are now closely monitoring whether BTC can stabilize above the $75,000 level or face further downside in the coming sessions.
