Cryptocurrency markets remained under pressure on Friday, as surging global bond yields, elevated oil prices and growing expectations of a U.S. interest rate increase weighed on risk appetite ahead of key inflation data.
Bitcoin traded at $77,304.56, down 1.08 percent over 24 hours and 4.34 percent over seven days, according to the latest market snapshot. Its market capitalization stood at about $1.55 trillion, with 24-hour trading volume of $30.14 billion.
The CoinMarketCap live market dashboard put the broader cryptocurrency market capitalization at around $2.63 trillion, with 24-hour trading volume near $89.26 billion and Bitcoin dominance at about 58.9 percent. Its Fear and Greed gauge stood at 68, remaining in “Greed” territory despite the latest market pullback.
The decline came as global borrowing costs surged. The benchmark U.S. 10-year Treasury yield climbed as high as 4.979 percent, its highest level in three years and just below the closely watched 5 percent threshold, while the 30-year yield reached a 19-year high of 5.3836 percent.
Markets were pricing roughly a 70 percent probability that the Federal Reserve would raise interest rates at its September meeting as higher oil prices and sticky inflation revived concerns about persistent price pressures.
The U.S. Bureau of Labor Statistics reported that its Producer Price Index for final demand rose 0.4 percent in August from the previous month and 5.4 percent from a year earlier.
Investors are now awaiting the August Consumer Price Index, due later Friday at 8:30 a.m. ET, ahead of the Fed’s September 15-16 policy meeting.
Ether holds up as altcoins retreat
Ether was comparatively resilient at $2,472.43, slipping just 0.03 percent over 24 hours and 1.62 percent over the week. Its market capitalization stood at about $300.99 billion, while trading volume reached $17.60 billion.
BNB fell 0.53 percent to $715.41 and was down 0.75 percent over seven days. XRP declined 1.81 percent to $1.3576, extending its weekly loss to 6.43 percent, while Solana fell 1.31 percent to $99.99 and 3.69 percent over seven days.
TRON slipped 0.24 percent to $0.338879 but remained 3.27 percent higher for the week, while Hyperliquid dropped 3.58 percent to $80.31 and was down 7.00 percent over seven days.
Zcash was among the steepest decliners, falling 8.27 percent to $1,115.41, although it remained 15.31 percent higher over the week. Bitcoin Cash tumbled 8.47 percent to $227.13, extending its seven-day decline to 11.13 percent.
Dogecoin lost 1.49 percent to $0.084076, Monero eased 0.32 percent to $511.71, Chainlink declined 1.98 percent to $11.552 and Cardano fell 1.87 percent to $0.2093.
Litecoin bucked the broader weakness, gaining 1.66 percent to $53.30, while NEAR Protocol climbed 3.79 percent to $2.5144, extending its seven-day gain to 26.75 percent. Polkadot rose 4.24 percent to $1.152 and was up 32.48 percent for the week.
Elsewhere, Stellar declined 1.17 percent to $0.17708, Avalanche fell 2.75 percent to $7.54, Sui lost 3.08 percent to $0.7406 and Shiba Inu declined 1.54 percent to $0.00000510.
Bittensor dropped 5.68 percent to $237.57, Canton fell 5.32 percent to $0.09885, Mantle declined 2.64 percent to $0.5794 and Pump.fun lost 3.32 percent to $0.003788, leaving it down 14.08 percent over seven days.
Uniswap rose 2.27 percent to $6.1227, while Internet Computer edged 0.36 percent higher to $2.76.
Stablecoins remain near pegs
Tether traded at $1.0004, with a market capitalization of about $183.39 billion and 24-hour volume of $70.65 billion. USDC stood at $1.0003, with a market value of approximately $74.15 billion and volume of $14.61 billion.
Dai traded at $0.99995, Ethena USDe at $1.0000, World Liberty Financial USD1 at $1.0000, Global Dollar at $1.0000, PayPal USD at $0.9999, Ripple USD at $1.00057 and USDD at $1.0000.
Gold-backed cryptocurrencies also weakened, with Tether Gold down 1.17 percent at $4,361.50 and PAX Gold falling 1.29 percent to $4,354.
The broad nature of the crypto retreat was evident across major digital assets. CoinDesk reported that 95 of the 100 constituents in its CoinDesk 100 index had fallen over the previous 24 hours as investors repriced expectations for U.S. monetary policy.
Institutional flows provided another sign of pressure on Bitcoin. Farside Investors data showed U.S. spot Bitcoin ETFs recorded $120.2 million in net outflows on September 9, following $46.6 million of withdrawals a day earlier.
Ether funds moved in the opposite direction, attracting $34.7 million in net inflows on September 9, after recording $24.3 million of outflows on September 8.
Crypto traders are now focused on Friday’s U.S. inflation release and the Federal Reserve meeting next week. A stronger-than-expected inflation reading could reinforce expectations for tighter monetary policy, push Treasury yields higher and create another headwind for Bitcoin and altcoins.
