Bitcoin Plunges Below $64K as Surging US Bond Yields Boost Fed Rate-Hike Odds

Bitcoin (BTC) took a beating on Friday, plummeting over 1.6% as it fell below $64,000.

The price drop was largely attributed to rising US bond yields, which have sparked expectations of increased Federal Reserve interest rates.

Crypto markets were also weighed down by geopolitical tensions and macroeconomic headwinds, leading to a decrease in appetite for risk assets.

According to TradingView data, the BTCUSD price approached $64,000 as bulls struggled to maintain recent gains.

The US Treasury yield curve has undergone significant changes despite a weaker-than-expected consumer inflation report, with the two-year yield now sitting at 4.31% and above the Federal Reserve's target range.