Key Takeaways
- • The U.S. 10-year Treasury yield rose to about 4.96% on Thursday, up 12.4 basis points on the session and approaching 5% for the first time since early 2023, according to CoinDesk's live coverage.
- • WTI crude topped $100 per barrel for the first time since May, with Brent above $105, as the war in Iran drags on and U.S. Strategic Petroleum Reserve stocks fell to 286 million barrels.
- • The European Central Bank raised its deposit facility rate 25 basis points to 2.5%, while U.S. August core PPI rose 0.2% versus 0.3% expected, though headline PPI was hot at 0.4% monthly and 5.4% year-over-year.
- • Markets priced a 25 basis point Fed rate hike at next week's meeting at roughly 76% to near-certainty, with Friday's August CPI report seen as the decisive data point.
- • Bitcoin traded near $77,000, down about 1.3% over 24 hours, while crypto equities such as Strategy (MSTR) and Coinbase (COIN) held up relatively well.
Summary
Bitcoin slipped below $77,000 on Thursday, September 10, 2026, as a global bond selloff and an oil rally pushed yields and energy prices to multi-month highs. The U.S. 10-year Treasury yield climbed 12.4 basis points to 4.96%, according to CoinDesk, and has not closed above 5% since early 2023. The 30-year long bond traded near 5.36%. Crude prices surged as well: oil rose about 7% on the day, with WTI above $100 and Brent above $105 according to CoinDesk and other market reports. Drivers cited include the ongoing war in Iran, the Saudi Arabia reporting its lowest monthly production since 1990, and a U.S. Strategic Petroleum Reserve drawdown to 286 million barrels, the lowest since the early 1980s.
Central bank policy was the other focal point. The European Central Bank raised its deposit facility rate to 2.5% from 2.25%, as fully expected, and lifted its inflation outlook for 2027 and 2028. Deutsche Bank chief European economist Mark Wall said a further ECB hike in December looks "more likely than not," while noting that higher energy costs complicate the inflation outlook. In the U.S., August producer prices rose 0.4% month-over-month, in line with forecasts, while core PPI rose 0.2% against 0.3% expected. Market strategist James Thorne noted the unrounded core figure was 0.162%. Despite the softer core print, two-year Treasury yields rose to 4.50%, a level last seen more than two years ago, and futures-implied odds of a 25 basis point Fed hike at next week's meeting climbed to about 76%.
WSJ's Nick Timiraos wrote that Fed Chair Kevin Warsh's Jackson Hole remarks made a hike more likely without specifying a trigger, leaving Friday's CPI report as the decisive input. Consensus expects headline CPI of 0.4% and core CPI of 0.2% for August. Hedge fund manager Stan Druckenmiller, speaking to a private audience according to the Financial Times, said Fed officials calling policy rates restrictive were "ridiculous" and that long yields look "a little low," a view that puts him at odds with Treasury Secretary Scott Bessent's efforts to suppress long-term rates.
Risk assets broadly retreated. The Nasdaq 100 and S&P 500 posted modest losses, and gold and silver were lower, with silver down more than 4%. Within crypto, Strategy (MSTR) fell 1.5%, Bullish (BLSH) slipped 0.2% and Coinbase (COIN) declined 0.6%. Other crypto developments on the same day included the planned delisting of the Bitwise Dogecoin ETF (BWOW), which holds roughly $700,000 in assets and will cease trading before October 15 according to an SEC filing, and the circulation of a new 600-plus page draft of the Digital Asset Market Clarity Act ahead of a September 15 cloture vote that requires 60 votes.
Central bank policy was the other focal point. The European Central Bank raised its deposit facility rate to 2.5% from 2.25%, as fully expected, and lifted its inflation outlook for 2027 and 2028. Deutsche Bank chief European economist Mark Wall said a further ECB hike in December looks "more likely than not," while noting that higher energy costs complicate the inflation outlook. In the U.S., August producer prices rose 0.4% month-over-month, in line with forecasts, while core PPI rose 0.2% against 0.3% expected. Market strategist James Thorne noted the unrounded core figure was 0.162%. Despite the softer core print, two-year Treasury yields rose to 4.50%, a level last seen more than two years ago, and futures-implied odds of a 25 basis point Fed hike at next week's meeting climbed to about 76%.
WSJ's Nick Timiraos wrote that Fed Chair Kevin Warsh's Jackson Hole remarks made a hike more likely without specifying a trigger, leaving Friday's CPI report as the decisive input. Consensus expects headline CPI of 0.4% and core CPI of 0.2% for August. Hedge fund manager Stan Druckenmiller, speaking to a private audience according to the Financial Times, said Fed officials calling policy rates restrictive were "ridiculous" and that long yields look "a little low," a view that puts him at odds with Treasury Secretary Scott Bessent's efforts to suppress long-term rates.
Risk assets broadly retreated. The Nasdaq 100 and S&P 500 posted modest losses, and gold and silver were lower, with silver down more than 4%. Within crypto, Strategy (MSTR) fell 1.5%, Bullish (BLSH) slipped 0.2% and Coinbase (COIN) declined 0.6%. Other crypto developments on the same day included the planned delisting of the Bitwise Dogecoin ETF (BWOW), which holds roughly $700,000 in assets and will cease trading before October 15 according to an SEC filing, and the circulation of a new 600-plus page draft of the Digital Asset Market Clarity Act ahead of a September 15 cloture vote that requires 60 votes.
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