Bitcoin Holds Near $84,000 as Bond Yields Counter Regulatory Progress
Bitcoin's price has steadied around $84,000 on Saturday, with rising U.S. Treasury yields exerting downward pressure despite institutional demand and regulatory developments providing support.
The cryptocurrency had briefly approached $85,000 on Friday after dropping below $83,000 earlier in the week.
Rising bond yields were the main source of pressure, with 10-year Treasury yields climbing above 5.2% for the first time since 2007, making interest-bearing assets more attractive and weighing on Bitcoin and other risk assets.
However, institutional flows provided a counterweight to this trend, with U.S. spot Bitcoin exchange-traded funds attracting $2.65 billion across five consecutive sessions through Wednesday, including roughly $347 million on Wednesday. BlackRock's and Fidelity's funds accounted for most of that day's inflows.
Regulatory developments presented a mixed picture, with SEC Commissioner Hester Peirce leaving the agency after helping lead its Crypto Task Force and recent work covering staking, token classification, and tokenized securities. Her departure follows another setback in Washington after the Senate failed to advance the Digital Asset Market Clarity Act.
Outside the U.S., Germany's proposed cryptocurrency tax reforms raised fresh concerns, with a planned substitute assessment calculating taxes using 50% of crypto sale proceeds when investors cannot provide credible acquisition-cost records, drawing criticism from Circle executive Patrick Hansen.