Why Rising Bond Yields Are Pressuring Bitcoin and Crypto Markets

• Higher Treasury yields make bonds more attractive, adding pressure on Bitcoin and crypto.
• U.S. 10-year yield hits 5.21%; 30-year reaches ~5.51%, highest since 2004. 
• Bitcoin futures open interest falls 2% as rising bond yields add to crypto market stress.

Bitcoin traded near $84,000 as rising bond yields weighed on the crypto market. Strong U.S. business data fueled expectations for further rate hikes, while the token recovered from a dip below $83,000.

The U.S. 10-year Treasury yield touched 5.21% during Friday’s trading. The 30-year yield reached about 5.51%, its highest since 2004. Those moves extended a global selloff in government debt.

BTC traded within a 24-hour range of $83,288 to $85,177 as selling pressure continued across the crypto market. The decline also affected major altcoins, with Ethereum, XRP, and Solana recording losses earlier in the sess…

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