It was October 6, 2025, when the price of bitcoin BTC$85,599.22 crossed above $126,000 before quickly pulling back.
It was far from a brief pullback. Within days, bitcoin had “flash crashed” all the way back to about $100,000, and before Thanksgiving, the price had tumbled to just above $80,000.
After bouncing into the new year, bitcoin resumed its downward trend, bottoming at about $60,000 amid panicky action on February 6, 2026 — exactly four months after the record high.
It would briefly take out that low in early July before rising to the current $85,700, down roughly 32% from the all-time high one year ago.
Crypto has given up its early gains, but the stock market continues to knife through the continued rise in interest rates.
With less than an hour until the close on Monday, the Nasdaq is at a session high, up 1.15%. The S&P 500 is higher by 0.8%, with even the interest rate-sensitive financial sector (XLF) ahead 0.85%.
The 10-year Treasury yield is higher by six basis points to about a 22-year high of 5.34%. On the short end, traders are re-assessing Friday’s conclusion that an October rate hike was off the table following the weak U.S. employment report.
October rate hike odds have risen to 24% after slumping to about 15% at one point on Friday.
“France is not Greece during the Eurozone crisis,” said Emmanuel Moulin, governor of the Banque de France, in an FT interview. “If it can pass a budget this year to reduce spending and narrow the deficit as the government has proposed, then markets will be reassured by this concrete step of fiscal consolidation.”
“If we don’t act,” he continued, ‘there is indeed a risk of being gradually strangled by rising interest rates.”
Moulin spoke as France’s bond yields have spiked to almost 15-year highs relative to German yields in recent days, prompting some to suggest another EU debt crisis is at hand.
Moulin said it’s not yet time to have a discussion about whether the ECB needs to intervene (as it did to tame the 2011/12 debt crisis).
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