Bitcoin (BTC) is trading at $83,300 U.S. to start the trading week as risk assets continue to be pressured by rising oil prices and bond yields.
Prices for digital assets are sinking after U.S. President Donald Trump rejected Iran's latest terms for reopening the Strait of Hormuz waterway where 20% of the world’s oil flows.
As a result, Brent crude oil has risen 3% to trade at $106.85 U.S. per barrel. At the same time, yields on U.S. Treasury bonds continue to march higher.
The yield on the benchmark 10-year Treasury is currently at 5.213%, having risen above the key threshold of 5% in the past week.
Other assets are selling off alongside crypto, including gold, whose price is down 3% to $4,182 U.S. per ounce. Silver’s price is down 5% to begin the trading week on Sept. 28.
Stocks are also firmly in the red on the day, with the benchmark S&P 500 down half a percentage point and the Nasdaq 100 down nearly a full percentage point.
Other crypto such as Ethereum (ETH) and XRP (XRP) are down 1% or more, falling alongside Bitcoin.
