Bitcoin Price Drops Amid Rising Yields and Oil Prices

Bitcoin's price has dropped nearly 2% after a significant rally on Monday. The cryptocurrency peaked at $87,300, its highest level since January 2023, but then gave back some gains.

The decline comes as U.S. Treasury yields surge amid hot economic data and rising interest rate expectations from the Federal Reserve. The benchmark yield rose to 5.116%, a level not seen since July 2007.

Higher oil prices also weighed on risk sentiment, with crude snapping a five-day losing streak and gaining 4.3% to settle at $103.50 a barrel.