Bitcoin Plummets as Yields Soar and Iran Tensions Escalate

Bitcoin's price fell to $83,061.4 on Monday, as surging Treasury yields and rising tensions between the US and Iran weighed down risk-driven markets.

The cryptocurrency dropped by 1.7% after two weeks of gains, which were fueled by optimism over favorable US regulations.

The decline in Bitcoin's price was accompanied by a drop in broader crypto prices, with most altcoins following suit.

The main driver behind the fall in yields is the growing conviction that major central banks will maintain a hawkish stance to combat rising inflation.