CoinDesk
Dogecoin led losses across major cryptocurrencies on Thursday, dropping more than 5%, while bitcoin traded just above $78,000, down roughly 1% over 24 hours. BNB slipped about 4% and XRP 3%, with ether just under $2,475 and Solana near $102 shedding 1-3%. Tron was the only gainer among the top names, up less than 1% to about 34 cents.
Why it matters
Brent crude pushed as high as nearly $102 a barrel in Asian trade after Iran signalled it was prepared for a more intense conflict, and the energy move fed straight into rate expectations. The 10-year Treasury yield held near 4.85%, a level last seen in late 2023, after the US government's plan to buy up to $6 billion of longer-dated debt undershot what investors had been hoping for. The S&P 500 closed down about 1% on Wednesday, the Nasdaq 100 slipped less, and the MSCI Asia Pacific Index fell nearly 1% in Thursday trade.
Market impact
Against that risk-off backdrop, bitcoin's 50-day moving average crossed above its 200-day on Tuesday, a golden-cross setup. FxPro analysts noted the previous two crossovers, in October 2024 and May 2025, went nowhere, but argued this one follows a prolonged bull market rather than forming inside a correction, drawing a parallel to the 2019 signal that preceded a 90% rally in under two months. Friday's US CPI print is the next swing factor: a hot reading would put a fresh Fed hike back into the price of everything that sold off on Thursday, while a soft print could blunt the oil-driven bid for yields.
Frequently asked questions
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Why is crypto selling off if bitcoin's golden cross just triggered?
The cross is a lagging trend signal that traders weigh against the macro tape. On Thursday oil near $102 and 10-year yields near 4.85% were doing the immediate damage, with Friday's CPI the next swing factor.
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How close is bitcoin to a confirmed breakdown below $78,000?
Bitcoin traded just above $78,000 in Asian hours, down about 1% over 24 hours. The level is being treated as an intraday support rather than a breakdown, with the next read tied to Friday's US inflation print.
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What did FxPro say about bitcoin's golden cross?
FxPro noted the October 2024 and May 2025 crossovers produced nothing, but argued this one follows a prolonged bull market rather than forming inside a correction, drawing a parallel to the 2019 signal that preceded a 90% rally in under two months.
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How high have Treasury yields climbed and why?
The 10-year yield held near 4.85%, a level last seen in late 2023. The move was driven by Brent crude near $102 on Iran tensions and disappointment that the US Treasury's longer-dated debt buy plan capped out at $6 billion.
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Which major cryptocurrency held up best on Thursday?
Tron was the only top-10 gainer, up less than 1% to about 34 cents, while Dogecoin was the worst performer at more than 5% lower and BNB and XRP fell 3-4%.
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