Bitcoin Breaks Above $81K Amid Treasury Yield Increase
Global rate pressure remained elevated on Friday, with Treasury yields moving higher again and U.S. equities trading mixed. In contrast, crypto staged a clear independent rebound as Bitcoin quickly rallied from around $76K to above $80K and briefly topped $81K.
The Fed's recent rate hike continues to influence markets, with the possibility of further tightening priced in later this year. The U.S. 2-year Treasury yield rose to 4.74%, its highest level since July 2024, while the 10-year yield briefly moved back above 5%. Oil prices continued to retreat but remained above $100.
U.S. equities were broadly range-bound on Friday, with the Dow falling 0.18% to 51,682.64, the S&P 500 gaining 0.17% to 7,650.50, and the Nasdaq rising 0.40% to 26,522.55. Crypto assets significantly outperformed, however, with Bitcoin gaining around 5.9% on Friday and briefly breaking above $81K.