Bitcoin at Risk Ahead of US Inflation Report

Rising Treasury yields and oil prices have created an environment of uncertainty for Bitcoin ahead of the U.S. inflation report on Thursday.

The upcoming report is expected to provide insight into the country's inflation rate, which could impact investor sentiment towards cryptocurrencies.

CoinDesk notes that rising yields are a concern for Bitcoin as it increases the opportunity cost of holding the cryptocurrency, making it less attractive compared to other assets.

Oil prices have also surged, contributing to the market's volatility. This environment is considered unfavorable for Bitcoin, which has historically been sensitive to economic conditions.