A $100 Oil Price Ignites Another Yield Storm! US Treasury Yields and the Dollar Both Strengthen, While Bitcoin Faces a Major Stress Test After an Eight-Month High

Zhito Finance APP has learned that cryptocurrencies such as Bitcoin and Ethereum fell collectively on Thursday, cooling a rally that had recently pushed Bitcoin to an eight-month high. After rising 9% over the past week and breaking above $87,000 earlier this week to touch an eight-month high, Bitcoin began to come under pressure from the simultaneous strengthening of long-dated U.S. Treasury yields and the dollar, driven by rising international oil prices and their continued hovering above $100. Oil at $100 can be said to transmit global macroeconomic pressure into the crypto market.