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Major cryptocurrencies traded lower on September 2 as renewed U.S.-Iran hostilities coincided with a broader move away from risk assets. Solana fell about 3.1% over 24 hours, while Ether and XRP dropped roughly 2.2% and 2.3%, respectively.
Bitcoin proved more resilient, declining about 1.6% to around $77,500 during Asian trading. The larger declines across several altcoins came as oil prices and government bond yields rose following U.S. strikes on Iran and subsequent Iranian retaliation.
Solana and Tron Post Larger Major-Crypto Losses
Solana traded near $100 after falling more than 3%, while Tron also lost more than 3% to approximately $0.32. Ether slipped to just above $2,414 and XRP traded near $1.35, with both down more than 2% over the preceding 24 hours.
Dogecoin declined nearly 2%, while Hyperliquid’s HYPE lost more than 1%. BNB was among the more resilient large-cap assets, falling less than 1%, although major tokens tracked during the session were broadly lower.
Oil and Bond Yields Add Pressure to Risk Assets
The crypto declines occurred alongside moves across traditional markets. Brent crude climbed above $95 a barrel as renewed fighting raised concerns about shipping through the Strait of Hormuz, while the U.S. 10-year Treasury yield reached about 4.81%, its highest level since November 2023.
Asian equities also weakened, with Japanese shares falling more than 2% and South Korea’s Kospi dropping more than 3%. Reuters reported that renewed Middle East tensions were lifting oil prices, reviving inflation concerns and adding upward pressure to bond yields.
Fed Rate Expectations Add Another Market Risk
Interest-rate expectations are adding another source of pressure. Traders were pricing roughly a two-thirds probability of a Federal Reserve rate increase in September, with expectations having risen sharply over the previous week. Bitfinex analysts had previously said:
“Bitcoin could remain stable unless there is a pullback across all risk assets that drags BTC lower with it.”
The latest moves place crypto within a wider risk-off shift, with no single crypto-specific catalyst dominating the session. Attention now turns to Friday’s U.S. jobs report, which could influence expectations for the Federal Reserve’s September meeting.
