Crypto Prices Under Pressure As Bond Market Stress Overtakes Oil Shock

Crypto prices came under pressure again on Friday as Treasury yields, not crude, became the macro variable traders could not ignore. Bitcoin slipped back below $69,000 after a short-lived relief rally earlier this week, while ether also traded lower, as hopes for a near-term easing in the Iran conflict faded and the US 10-year yield stayed near 4.42%. That is the core argument The Kobeissi Letter pushed in a widely shared thread via X: the market’s center of gravity has shifted from the oil spike itself to the rates shock that follows it. “The bond market is, by far, the biggest problem for the US right now, much bigger than the energy price situation,” Adam Kobeissi wrote. In the longer note, the firm sharpened the point further: “For weeks, markets have been fixated on oil, war headlines, and geopolitical escalation. But beneath the surface, a much larger force has been building, and it’s now beginning to take control. The bond market is now dictating the path of equities, commoditie