The price of Bitcoin (BTC) and other cryptocurrencies are once again under pressure as crude oil prices and bond yields rise to begin the trading week.
In early trading on Sept. 8, Bitcoin’s price was at $78,300 U.S., down from more than $80,000 U.S. over the weekend.
Other digital assets are also in retreat after the Labour Day holiday, with Ethereum (ETH) and Dogecoin (DOGE) each down about 1% over the past 24 hours.
Cryptocurrencies trade around the clock: 24 hours a day, seven days a week.
Pulling prices for digital assets downward appears to be an upward surge in both crude oil prices and bond yields.
Oil prices are up as much as 3% amid reports of escalating strikes between the U.S. and Iran. Brent crude oil, the international standard, is approaching $100 U.S. a barrel.
At the same time, yields on U.S. Treasury bonds continue to creep higher, with the yield on the benchmark 10-year Treasury rising to 4.80%.
The situation has sent stocks lower to start the shortened trading week, with all the major U.S. indices in the red. The blue-chip Dow Jones Industrial Average is down more than 400 points.
Cryptocurrencies are being dragged down alongside equities as analysts and investors assess geopolitical risks and ongoing difficulties in the bond market.
However, despite the current dip, Bitcoin remains up substantially from the $65,000 U.S. that it was trading at in late August.
After breaking out of its previous trading range of $60,000 U.S. to $65,000 U.S., Bitcoin’s price has continued to hover around the new resistance it has encountered at $80,000 U.S.
