Why is the Crypto Market Going Down Today? (24 Sep)
- Cryptocurrency
Crystal Kim- 6 minutes read
The crypto market today, September 24 is retreating as rising US bond yields weigh on risk appetite. By midday UTC, crypto market capitalization stood near $2.83 trillion, down about 3.15% over 24 hours.
Bitcoin slipped below $84,000, while Ether, XRP and Solana gave back gains from this week’s rally.
The reversal follows rising borrowing costs and renewed inflation concerns. Traders also unwound leveraged positions, adding pressure across major tokens.
Bitcoin, Ether, XRP and Solana Retreat
Bitcoin price traded around $83,400, down 2.5% in a day. BTC had climbed close to $87,300 earlier this week before losing momentum. The move erased part of a rally that had taken Bitcoin to its highest level since January. A drop beneath $85,000 then exposed the market to faster selling.
Ether changed hands near $2,640, about 3% lower over 24 hours. Its daily high was about $2,729, putting the token nearly $90 below that mark. XRP fell roughly 6% to $1.47 after reaching $1.58 during the previous day. Solana traded near $113, down about 3% after a daily high around $117.
XRP’s steeper retreat suggests traders were taking profits after its recent advance. The synchronized declines across the four assets point to a shift in sentiment.
Rising Yields Put Pressure on the Crypto Market
US Treasury yields rose sharply Wednesday after strong business activity data raised fresh questions about interest rates. S&P Global’s preliminary composite purchasing managers’ index reached 58.4 in September, up from 56.0 in August. The survey also found business costs rising at their fastest pace in nearly four years.
🚨 THIS IS INSANE.
US 30-year bond yield just hit 5.402%, its highest level in 22 years.
It has been trading above 5% for 79 straight days now, the longest stretch since 2007. pic.twitter.com/qnTlGQXAhW
— Bull Theory (@BullTheoryio) September 24, 2026
The benchmark 10-year Treasury yield closed Wednesday at 5.11%, up from 4.96% Tuesday. The 30-year yield reached 5.40%, according to Treasury data. Higher bond returns can reduce the appeal of assets that do not pay interest, including Bitcoin.
Oil climbed above $105 a barrel as tensions involving Iran kept inflation concerns alive. A firmer dollar and weaker appetite for risk added to the pressure on crypto prices. A poorly received Treasury auction also added to the bond market selloff.
Liquidations Deepen the Selloff
Leveraged trading magnified the decline once Bitcoin began falling away from its high. CoinGlass data cited in market reports showed roughly $454 million in long positions liquidated over 24 hours. Such liquidations force exchanges to close losing bets, potentially accelerating a move already underway.
The retreat came shortly after spot Bitcoin ETF inflows helped support this week’s advance. That contrast shows how quickly macroeconomic pressure can overwhelm bullish trading momentum. The crypto market remains sensitive to changes in yields, inflation expectations and the dollar’s direction.
Bitcoin’s next test is whether it can stabilize above $83,000 after slipping through $85,000. Ether remains below $2,700, while XRP has given up $1.50 and Solana holds near $113. Continued pressure in bond markets could leave any recovery uneven, even after forced selling subsides.
