Dogecoin dropped more than 5% as Bitcoin held near $78,000, with rising oil prices and Treasury yields increasing pressure on crypto markets ahead of U.S. CPI data.
BTC$77,183.00-1.60%
DOGE$0.083828-5.50%Dogecoin led losses among major cryptocurrencies on Thursday as broader risk assets came under pressure from rising oil prices, higher Treasury yields and renewed concerns about inflation.
DOGE fell more than 5% over 24 hours, while BNB dropped around 4% and XRP lost roughly 3%. Bitcoin was more resilient, trading just above $78,000 after declining about 1%.
Ethereum, Solana and Hyperliquid’s HYPE also moved lower, while Tron was one of the few major cryptocurrencies to remain in positive territory.
The weakness came as Brent crude pushed above $100 per barrel, adding to concerns that a renewed energy shock could make it harder for the Federal Reserve to ease monetary policy.
Bitcoin remained relatively stable compared with the rest of the major crypto market.
BTC traded around $78,000 during Asian hours after falling roughly 1% over the previous 24 hours. Current market data continues to show Bitcoin holding close to that level, while larger altcoins are recording deeper declines.
Dogecoin was the biggest loser among the major assets in the supplied market snapshot, falling more than 5%. BNB declined about 4%, while XRP dropped roughly 3%.
Solana traded near $102, and Ethereum slipped below $2,475. HYPE also moved lower. Tron was the exception, gaining less than 1% toward $0.34.
More recent market data shows the same broad pattern, with DOGE and BNB continuing to underperform Bitcoin while ETH and SOL remain under pressure.
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The larger threat to crypto markets is currently coming from macroeconomic conditions.
Brent crude climbed above $100 per barrel during Asian trading as tensions involving Iran intensified. Reuters reported that oil remained above $100 on Thursday as the conflict continued to disrupt energy markets and fuel inflation concerns.
Higher oil prices can create problems for risk assets because they raise expectations for consumer inflation. If inflation remains elevated, markets may expect central banks to keep interest rates higher for longer or even consider additional tightening.
That scenario is particularly important for cryptocurrencies because Bitcoin and major altcoins remain sensitive to changes in liquidity and interest-rate expectations.
The latest market reaction shows that relationship clearly. Bitcoin has held up better than many altcoins, but the broader crypto market remains vulnerable to another rise in inflation expectations.
The oil surge is also feeding into the bond market.
The U.S. 10-year Treasury yield moved near 4.85%, around its highest level since late 2023. Investors were also disappointed by the U.S. Treasury's plan to buy back up to $6 billion of longer-dated debt, with some market participants expecting a larger intervention.
Higher Treasury yields increase the relative attractiveness of traditional fixed-income assets and can reduce demand for higher-risk investments.
The combination of rising oil prices and elevated yields is therefore creating a difficult backdrop for cryptocurrencies.
The dollar, meanwhile, has remained around the 98 level. Despite earlier strength associated with the oil shock, the greenback has not maintained the same momentum as markets reassess the broader macroeconomic outlook.
The next major catalyst is U.S. consumer inflation data.
Markets are watching Friday's CPI report for evidence of whether the oil shock is beginning to feed into broader price pressures. A hotter-than-expected reading could push Treasury yields higher and reduce expectations for monetary easing.
That would likely create additional pressure on cryptocurrencies, particularly altcoins that have already started to underperform Bitcoin.
A softer inflation reading, however, could ease rate concerns and allow risk assets to recover.
This makes the $78,000 Bitcoin level particularly important in the short term. BTC has so far absorbed the pressure better than Dogecoin, BNB, XRP and other major altcoins, but its ability to remain above key support will determine whether the current pullback remains contained.
Dogecoin's decline stands out because DOGE has been among the more actively traded large-cap cryptocurrencies during periods of speculative market activity.
A 5% daily decline is not unusual for DOGE, but its underperformance relative to Bitcoin shows that traders are becoming more selective as macroeconomic pressure increases.
BNB and XRP have also suffered larger losses than Bitcoin, while Solana and HYPE remain under pressure.
The current setup therefore looks less like a broad collapse in crypto and more like a risk-off rotation within the market, with Bitcoin proving more resilient than higher-beta altcoins.
The crypto market is now facing a combination of technical and macroeconomic tests.
Bitcoin's golden cross provides a bullish technical signal, but rising oil prices and Treasury yields are working in the opposite direction. Friday's CPI report could determine which force dominates the next phase of trading.
For now, Bitcoin's ability to hold around $78,000 is keeping the broader market from deteriorating further. But if inflation data pushes yields significantly higher, altcoins such as Dogecoin, BNB and XRP could remain under greater pressure.
Conversely, a softer CPI reading could give risk assets room to recover and allow Bitcoin to turn its recent technical improvement into another attempt at higher levels.
The immediate focus, therefore, remains on Bitcoin's $78,000 area, oil above $100 and Friday's U.S. inflation data.
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