Crypto market plunges as Bitcoin slides to $76k amid surging yields and oil rally

Digital asset markets experienced a sharp downturn over the past 24 hours, tracking broader macro headwinds. According to data from CoinMarketCap, Bitcoin dropped 1.84% to settle at $76,862.52.

Major altcoins followed suit: Ethereum fell 1.16% to $2,445.91, BNB dipped 1.57% to $711.89, and Monero slipped 2.65% to $501.51. Sharper drawdowns hit secondary tokens, with Zcash tumbling 14.21% to $1,066.65, Bitcoin Cash declining 9.34%, and Bittensor retreating 8.28%. Gold-pegged tokens also succumbed to selling pressure, as PAX Gold (PAXG) lost 2.18% to trade at $4,311.51 and Tether Gold (XAUT) decreased 2.26% to $4,305.09.

The CoinMarketCap 20 Index retreated 2.10% to 158.41 points, dragging total cryptocurrency market capitalization down 1.85% to $2.62 trillion. Institutional and retail selling accelerated as escalating Middle East tensions pushed Brent crude toward $110 per barrel and drove U.S. 10-year Treasury yields near the 5% threshold. Swaps markets are currently pricing in a roughly 70% probability of a 25-basis-point interest rate hike at the Federal Reserve's upcoming policy meeting.

N.Tebrizli