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Bitcoin fell to $78,600 on May 15 as bond yields surged to a 12 month high, rattling risk markets.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n The US 10-year Treasury yield surged <\/a>to 4.54% on May 15, its highest point since May 2025, after hotter than expected CPI and PPI data stoked fears of a Federal Reserve rate hike. The 30-year yield crossed 5% while the 2-year broke above 4%.<\/p>\n Bitcoin fell as low as $78,600, down roughly 4% from Thursday\u2019s $82,000 high, before stabilising slightly above $79,000. The selloff spread to equities, with the Nasdaq 100 opening 1.7% lower and the S&P 500 falling 1.2%.<\/p>\n \u201cThe 10Y Note Yield is now above 4.50% for the first time since June 2025,\u201d the Kobeissi Letter noted<\/a> on X. \u201cRate hikes are now the base case for the Fed\u2019s expected next move.\u201d<\/p>\n <\/p>\n Crypto-linked equities were hit harder. Coinbase dropped nearly 6%, Circle fell 7.4% and Strategy slid 5.4%. Bitcoin miners MARA Holdings and Hut 8 each lost around 7%, while Cipher Mining fell nearly 9%.<\/p>\n CME FedWatch showed<\/a> more than 44% probability of a Fed rate hike by December, a sharp reversal from expectations of multiple rate cuts at the start of 2026. Gold fell 2.5% while oil rose 3%, crossing $100 per barrel as energy inflation compounded yield pressure.<\/p>\n April CPI came in at 3.8% while PPI matched 2022 levels at 6%, according to official data. Futures traders who began 2026 pricing two or more Fed cuts now expect<\/a> rates to stay elevated through at least the first half of 2027.<\/p>\n Bitcoin remains below its 200-day moving average heading into the weekend, caught between a regulatory tailwind from the Clarity Act\u2019s Senate progress and a macro headwind from rising yields and accelerating inflation.<\/p>\n <\/p><\/div>\n\n\n
Inflation and yields hit crypto and equities<\/h2>\n