The prices of leading cryptocurrencies such as Bitcoin ($BTC), Ethereum ($ETH), and Dogecoin ($DOGE) are down as much as 6% on May 18 as stocks move lower.
The leading digital assets are experiencing an accelerated selloff as crude oil prices and U.S. Treasury yields move higher. At midday, BTC was down 3% and trading at $76,000. Ethereum’s price was down 2% at $2,100. And DOGE was nearly 7% lower and changing hands at $$0.10.
The selloff on May 18 builds on the downturn seen on May 15, when cryptocurrencies and stocks sold off sharply as investors weigh the prospect of higher for longer interest rates. Bitcoin, the largest cryptocurrency by market capitalization, had been as high as $82,000 in recent weeks.
Oil & Treasurys
Putting pressure on crypto is the government bond market, with the U.S. 30-year Treasury yield at 5.13%, its highest level since 2007. The 10-year Treasury yield is at a 12-month high of 4.59% as markets assess the Iran war, rising crude oil prices, and the prospect of zero interest rate cuts in 2026.
Higher bond yields and interest rates increase the opportunity cost of holding non-yielding assets such as Bitcoin and tend to weigh on speculative assets. Crude oil prices also continue to march higher, with Brent crude oil, the international standard, currently trading at $110 per barrel.
BTC’s Three-Month Performance
Despite the selloff in recent days, Bitcoin has recovered from its year-to-date lows and risen 14% in the past 12 weeks.
