14:51 UTC — Digital asset stocks are taking a beating, too

Crypto ( CRCW ) exchange Coinbase (COIN) dropped nearly 6%, while Robinhood (HOOD), the retail brokerage with a growing crypto business, fell more than 3%. Digital asset investment firm Galaxy (GLXY) slid 5.4%.

Stablecoin issuer Circle (CRCL) was among the bigger decliners, down 7.4% after this week’s sharp rally tied to progress on the Clarity Act.

The largest corporate bitcoin holder Strategy (MSTR) fell 5.4%, while Ethereum-focused treasury firm Bitmine (BMNR) lost almost 6%.

Bitcoin miners, increasingly tied to the AI infrastructure buildout, were hit even harder. MARA Holdings ( MARA ) and Hut 8 ( HUT ) each dropped around 7%, Cipher Mining (CIFR) fell nearly 9%, and Bitdeer ( BTDR ) sank almost 11%, leading losses across the sector.

14:41 UTC — Crypto, stocks sell off as surging bond yields spook investors

The largest cryptocurrency fell to as low as $78,600, down roughly 4% from Thursday’s high of $82,000 after the Senate Banking Committee advanced the crypto market structure bill known as the Clarity Act. BTC later stabilized slightly above $79,000, still lower by nearly 2.2% over the past 24 hours.

The selloff extended well beyond crypto: U.S. stocks and gold also sold off. The Nasdaq 100 and S&P 500 opened the session with 1.7% and 1.2% declines, respectively, while gold fell 2.5% to near $4,500 per ounce.

On the other hand, oil prices rose again, with the WTI crude oil front-end futures jumping 3% to cross $100.

The moves happened as investors are increasingly grappling with the idea that rising energy prices and resurging inflation could force central banks back into tightening mode.

The yield on the U.S. 10-year Treasury climbed to 4.58%, its highest level in more than a year. In the UK, 10-year gilt yields surged to 5.2%, the highest since 2008. U.S 10-year Treasury bonds surged to 4.58%, highest in more than a year, while UK 10-year gilts jumped 5.2%, their worst level since 2008.

As for the U.S. Federal Reserve, market participants now see nearly 50% odds for at least one rate hike by the end of this year and almost-zero chance for any rate cuts, according to CME FedWatch data. That's a rapid change from last week's 10% probability for a rate cut and 14% for a rate hike, and 28% chance for a cut and just 1% odds for higher rates.