Cryptos Plunge As Macro Worries Haunt

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Cryptos Plunge As Macro Worries Haunt

By Avila Sebastian ✉

| Published: 9/10/2026 10:48 AM ET

Addas your preferred news source on Google

Cryptocurrencies dropped heavily in the past 24 hours as markets reacted to the rate hike by the European Central Bank, the spike in produce price inflation in the U.S., the surge in crude oil prices as well as the jump in bond yields, particularly in the U.S. Bitcoin has erased more than 2 percent in the past 24 hours.

The European Central Bank on Thursday raised the three key interest rates by 25 basis points. The central bank noted that the conflict in the Middle East continued to generate inflation pressures, and that inflation was set to remain well above target for an extended period. It noted that the outlook remains highly uncertain, with risks to the upside for inflation and to the downside for economic growth.

Adding to worries about high interest rates was data released by the U.S. Bureau of Labor Statistics on Thursday morning that showed producer prices in the U.S. increasing 0.4 percent month-on-month in August versus an upwardly revised 0.1 percent rise in July. Though the jump was in line with expectations, it was the biggest increase in three months.

With no respite to the geopolitical tensions in the Middle East and the disruption of oil transit through the Strait of Hormuz, crude oil prices continued to surge. Brent crude oil futures for November settlement are currently trading at $104.91, jumping 3.7 percent from the previous close of $101.21. WTI Crude oil for October settlement is currently trading at $99.49, jumping 3.6 percent on an overnight basis from Wednesday's close of $96.05.

Despite the U.S. Treasury enhancing the bond buybacks to $6 billion, yields hardened across tenors. Long dated thirty-year bonds have spiked 0.93 percent overnight while ten-year bonds have jumped 1.65 percent. Yields on the shorter end of the curve surged more. Five-year bond yields have rallied 2.1 percent whereas two-year bond yields have increased 2.3 percent.

Yield on 30-year U.S. sovereign bonds are currently trading at 5.335 percent after ranging between 5.279 percent and 5.352 percent. Yield on 10-year U.S. sovereign bonds are currently trading at 4.91 percent after ranging between 4.827 percent and 4.934 percent. Worries about inflation and high fiscal borrowing pushed yields higher not just in the U.S. but across major economies.

The CME FedWatch tool that tracks the expectations of interest rate traders also reflected the changed market sentiment. The likelihood of a quarter percentage rate hike by the Fed on September 16 is now at 67.8 percent versus 61.2 percent a day ago, 49.4 percent a week ago and 52.2 percent a month ago.

Crypto markets also priced in the rate hike fears and the strengthening of the U.S. dollar. The six-currency Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently trading at 98.98, implying an overnight addition of 0.16 percent.

Amidst the geopolitical unrest, bond market gloom and renewed inflation concerns, overall cryptocurrency market capitalization has dropped to $2.61 trillion. The 24-hour trading volume stood at $88.5 billion.

Bitcoin (BTC), the largest cryptocurrency is currently trading 2 percent lower on an overnight basis at $77,335.30. The leading cryptocurrency has shed 2.1 percent over the course of the past week but is still saddled with year-to-date losses of 11.7 percent.

Bitcoin Spot ETF products in the U.S. witnessed net outflows increasing to $120 million on Wednesday from $47 million on Tuesday. ARK 21Shares Bitcoin ETF (ARKB) topped with net outflows of $78 million.

Amidst the overnight decline, Bitcoin has dropped 1 notch to the 13th position in the global ranking of all assets as per market capitalization published by . The leading cryptocurrency is now positioned between 12th ranked Meta Platforms and 14th ranked Tesla.

Ethereum (ETH) is also trading 2.2 percent lower at $2,443.75. The leading alternate coin has however added 0.2 percent over the course of the past week.

Ethereum Spot ETF products in the U.S. witnessed net inflows of $35 million on Wednesday versus net outflows of $24 million on staked Ethereum Trust ETF (ETHB) topped with net inflows of $23 million.

Ethereum also dropped 1 notch to the 63rd position in the global ranking of all assets as per market capitalization published by .

4th ranked BNB (BNB) dropped 4.5 percent overnight resulting in price decreasing to $710.50.

5th ranked XRP (XRP), a payments-focused cryptocurrency plunged 4.2 percent overnight and is currently trading at $1.37. Weekly losses are around 2 percent.

The price of 7th ranked Solana (SOL) decreased 3.2 percent overnight to $100.21. U.S.-listed Solana Spot ETF products recorded inflows of $11 million on Wednesday.

TRON (TRX) ranked 8th overall is currently trading 0.04 percent higher at $0.3388.

9th ranked Hyperliquid (HYPE) is trading 5.5 percent lower on an overnight basis, at $81.31. U.S.-listed Hyperliquid Spot ETF products recorded outflows of $5 million on Wednesday.

Zcash (ZEC) positioned as 10th rank overall plunged 7.9 percent overnight to trade at $1,176.56.

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