Bitcoin settled into the $77,000 range as it entered the weekend. The simultaneous surge in U.S. market interest rates and international oil prices triggered risk-aversion sentiment. Experts forecast that overall market volatility will expand as key watershed moments such as the September Federal Open Market Committee (FOMC) meeting approach.
As of 2 p.m. on the 11th (Korean time), Bitcoin traded at $77,060, down 4.98% from Jeonju, according to the global cryptocurrency market data platform CoinMarketCap. The domestic trading price was set at 105,140,000 won on Upbit, 1.37% higher than Binance.
Ethereum was recorded at $2,457, down 2.02%. The CoinMarketCap "Fear and Greed" index, which approaches zero as selling pressure increases, stood at 68 out of 100, down 7 points from Jeonju but remained in the "Greed" phase.
The cryptocurrency market began widening its losses en masse starting from the release of U.S. August non-farm employment data late on the 4th. The increase in non-farm employment reached 162,000, significantly exceeding market expectations (55,000–56,000), bolstering monetary tightening arguments and increasing pressure on risk asset markets.
The August Producer Price Index (PPI) released the previous night was also cited as a factor heightening burdens on the cryptocurrency market. The year-over-year increase in the August PPI stood at 5.4%, surpassing both market expectations (5.3%) and the previous month's figure (4.8%). On the 10th (U.S. Eastern time), the yield on 30-year U.S. Treasury bonds exceeded 5.35% during trading, reaching a 18-year high.
Kim Ji-won, a researcher at KB Securities, stated, "Major events are converging, including the U.S. Senate's procedural vote on the CLARITY Act on the 16th, the September FOMC meeting on the 16th–17th, and Circle's Arc mainnet launch on the 17th." He added, "With the PPI adding to market burdens, the probability of an interest rate hike by the U.S. Federal Reserve (Fed) next week has risen, which could further expand volatility in the cryptocurrency market."
Park Sung-je, a researcher at Shinhan Investment Corp., noted, "While it is positive that Bitcoin prices have not shown sharp corrections despite rising U.S. Treasury yields, achieving stability in the $80,000 range and breaking through upper resistance levels are necessary for further gains." He continued, "If major event outcomes fall short of market expectations, the $77,000 level is expected to act as the first support line. As long as this level holds, it is premature to conclude that the upward structure has been damaged."
Altcoin gains have slowed compared to Jeonju, and volatility among individual coins has increased. Looking at the weekly price increases of the top 100 market capitalization coins as of 9 a.m., LadyDoge led with a 75% gain, followed by Falcon Finance at 55%, Venice Token at 34%, Injective at 23%, and Polkadot at 22%.
Kim Jun-seong, a researcher at Zengle, said, "The market has shown trends closer to position reduction and coin-specific responses rather than directional betting, with altcoins displaying mixed gains and losses, limiting the overall upward momentum." He added, "With major assets in a downtrend, there is a possibility that supply-demand differentiation will continue among individual coins."
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