Bitcoin Near $85.5K as Yields Test Regulatory Hopes

Key Moments

• Bitcoin traded 0.26% lower at $85,540.7 by 01:58 ET (05:58 GMT), extending the prior session’s losses.
• Global 10-year bond yields in the U.S., Japan, and the UK hovered near multi-decade highs, pressuring risk assets such as crypto.
• The CFTC opened a 50-day public comment period on a proposed framework for leveraged digital asset trading for retail investors.

Macro Headwinds Temper Crypto Sentiment

Bitcoin slipped modestly on Tuesday, adding to losses from the previous session as a sharp move higher in global bond yields countered optimism around a potentially more favorable U.S. regulatory backdrop.

The largest cryptocurrency by market capitalization was down 0.26% at $85,540.7 by 01:58 ET (05:58 GMT). The pullback came after strong gains over the past three months, which had buoyed sentiment across digital assets.

Broader crypto markets moved lower alongside Bitcoin, giving back part of the recent advance. Market participants still remained attentive to the historical pattern of crypto strength in October, commonly referred to as “uptober,” and whether that trend would repeat this year.

Attention was also directed toward the anticipated rollout of tokenized U.S. stock trading services in the coming weeks, following the Securities and Exchange Commission’s approval of tokenized offerings earlier this year.