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Bitcoin slips as 10-year Treasury yields climb above 5%

Bitcoin was down 2% over the prior 24 hours to about $84,357 as the 10-year yield rose above 5% for the first time in 19 years, pressuring risk assets amid higher rates.

Reported · Written up by our desk · Bitcoin

Bitcoin fell on Wednesday as U.S. Treasury yields surged, with the 10-year yield climbing above 5% for the first time in 19 years, according to Bitcoin Magazine.

The outlet said bitcoin was down 2% over a 24-hour period Wednesday afternoon in New York and was trading around $84,357, after earlier in the week it had rallied on investor flows into exchange-traded funds.

Bitcoin’s move lower came alongside a Treasury announcement that it will purchase up to $6 billion in longer-dated government debt on Thursday, a development that previously helped the cryptocurrency but did not support prices this time.

Bitcoin Magazine attributed the pressure on crypto to rising yields amid signs of sticky inflation, including manufacturing and services input costs reaching their highest level since October 2022 and stronger wage pressure, all of which can lift the cost of holding non income assets.

Latest closeBitcoin $84,236.73 ▼2.2%

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