Bitcoin (BTC) traded just above $83,100 during Asian hours on September 29, while Zcash (ZEC) plunged 12% as rising bond yields and oil prices weighed on markets, CoinDesk reported.
Solana (SOL) and Hyperliquid (HYPE) each fell 3% to 4%, while Ethereum (ETH) remained broadly unchanged. Total cryptocurrency market capitalization is $2.94 trillion, up 0.05% in the last 24 hours.
Oil and Yields Pressure Markets
Brent crude gained more than 1% toward $107 a barrel. The U.S. 10-year Treasury yield stood at 5.25% during Asian trading, following Monday’s rise to its highest level since 2007, CNBC reported.
Federal Reserve Governor Lisa Cook said on September 28 that higher oil prices and AI-related demand could sustain inflation pressure in the coming months.
She stopped short of calling for additional rate increases.
Higher interest rates raise borrowing costs and tighten financial conditions, slowing demand across the economy, the Federal Reserve said.
Bitcoin Price Levels and PCE Data in Focus
FxPro chief market analyst Alex Kuptsikevich told CoinDesk that a sustained move below $80,000 could signal prolonged weakness for Bitcoin. On the other hand, renewed momentum could lift Bitcoin above $90,000.
“Looking ahead, a sustained return to prices below $80K would be an important signal that the market is not ready to move higher for some time yet. If, however, this consolidation is soon followed by a new bullish momentum, it could send the leading cryptocurrency well above $90K,” Kuptsikevich said.
Attention now turns to Wednesday, when the Commerce Department publishes August’s personal consumption expenditure (PCE) price index.
The PCE index measures changes in consumer prices, while its core measure excludes food and energy to reveal underlying inflation trends.
A higher-than-anticipated reading could strengthen expectations for further Fed tightening.
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