Bitcoin Price Tumbles Under Macro Pressure from US Treasury Yields and Oil

The price of Bitcoin (BTC) dropped by 1.30% to $76,790 on Tuesday due to macroeconomic pressures from rising US Treasury yields and Brent crude oil prices above $108.

This led to a decline in total crypto market capitalization by 0.57%, with traders describing Bitcoin as a high-beta risk asset rather than a decoupled hedge.

The sell-off was accompanied by a significant increase in volume, with a 59.7% spike, and liquidations surged by 97% to $80.79 million, largely driven by short squeezes.