Bitcoin slid to its lowest price since March on Thursday, extending a more than two-month low as U.S. stock markets fell in tandem and fresh Middle East skirmishes sent oil prices and bond yields higher.
Broad risk-off sweep
The move wasn't isolated to crypto. The S&P 500 and Nasdaq both declined during the session, mirroring Bitcoin's drop. The sell-off accelerated after reports of new clashes in the Middle East pushed benchmark crude above $85 and lifted 10-year Treasury yields. Investors piled into short-duration debt, flattening the yield curve.
Oil jump, bond jitters
Those skirmishes — unconfirmed details at this hour — drove a sharp repricing in energy markets. Oil futures rose about 3% on the day. Bonds sold off as traders trimmed expectations for a near-term rate cut, with the 10-year yield climbing roughly 10 basis points. The combination of higher energy costs and tighter financial conditions weighed on risk assets across the board.
Where Bitcoin landed
Bitcoin changed hands near $54,000 in afternoon trading, its weakest level since late March. The decline came after a relatively quiet April and early May. The speed of the drop caught some short-term traders off guard, but on-chain activity showed no unusual exchange inflows or panic selling from large wallets.
The cross-asset rout leaves crypto traders watching the same macro triggers as equity desks: the next headline out of the Middle East and Friday's U.S. payrolls report. With oil elevated and bond yields up, the pressure on risk-on assets including Bitcoin may persist until either geopolitical tensions ease or the Fed signals a softer stance.
