BTC Falls to $75.6K as Global Bond Yields Hit Multidecade Highs — SkimNews
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- Bitcoin dropped below $76,000 to a September low of $75.6K, erasing a prior-day trip to $79,600 according to TradingView data.
- The CLARITY Act faces a procedural Senate vote at 2:15pm Eastern, with Polymarket users assigning it only 14% odds of becoming law in 2026 and consensus seeing "barely any chance of success."
- QCP Capital cautioned that even if the CLARITY Act clears Tuesday's vote, it would have "limited impact" and face several remaining hurdles, though passage could clarify SEC and CFTC jurisdictional roles.
- The US 10-year Treasury yield surpassed 5% for the first time since November 2023, reaching 5.041% — its highest level since June 2007.
- Reuters reported the average 10-year yield across the world's seven largest economies hit 4.285%, its highest since mid-2008 during the Global Financial Crisis.
- The UK 30-year bond yield climbed to 5.95% for the first time since March 1998, while the Japanese 10-year yield reached 3.04%, the highest in three decades.
- The Kobeissi Letter predicted central banks would tighten policy, noting the US Federal Reserve is widely expected to hike 0.25% on Wednesday and the Bank of Japan is expected to do the same Friday, with WTI crude near $105 per barrel on the way.
Why it matters: Bond yields surging simultaneously across the US, UK, and Japan to levels unseen since the Global Financial Crisis means the global bond market is repricing for tighter monetary policy right as both the Fed and BoJ prepare to hike this week. With WTI crude near $105 and the CLARITY Act facing near-certain procedural failure, crypto traders face the dual headwind of a stronger-dollar outlook and fading regulatory clarity.
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