Crypto
Home›Crypto›Market Structure›Bitcoin holds near $84,000 as Treasury yields hit mult…
Bitcoin holds near $84,000 as Treasury yields hit multi-decade highs
The 10-year Treasury yield climbed to 5.22% and the 30-year yield to 5.5185%, lifting the yield hurdle for risk assets even as Bitcoin stayed in a roughly $83,000 to $85,000 range.
Bitcoin was holding near $84,000 after a historic US bond selloff pushed Treasury yields to decades high levels, according to CryptoSlate.
The benchmark 10-year Treasury yield climbed to 5.22%, extending a move that has taken borrowing costs to their highest level since 2007. The 30-year yield reached a fresh 22-year high of 5.5185% before trading around 5.511%, up nearly five basis points on the session.
CryptoSlate reports that the surge in government yields is raising the hurdle for Bitcoin and other risk assets by offering investors yields above 5% on US Treasuries, while also lifting financing costs throughout the financial system.
Even so, crypto absorbed the latest leg of the bond rout relatively calmly so far, with Bitcoin remaining inside a roughly $83,000 to $85,000 range after retreating from a weekly high near $87,000. CryptoSlate also cites Bitwise analyst Camran Khosravi saying Bitcoin has gained about 22% since Aug. 19 even as the 10-year real yield climbed 50 basis points.
Latest closeBitcoin $81,906.63 ▼1.4%