Bitcoin Rally Falters as Bond Yields Weigh on Stocks

The cryptocurrency market held steady on Tuesday despite government bond yields weighing heavily on stock markets.

Bitcoin (BTC) maintained support in the mid-$82,000 region, while bulls attempted to break above $85,000. Ethereum (ETH) oscillated between $2,650 and $2,740, while XRP and Dogecoin (DOGE) saw a slight increase.

Crypto-related stocks fell, with Strategy Inc. down 1.57% and Bitmine Immersion Technologies Inc. down 0.41%. Long traders suffered significant losses, according to Coinglass data, with over $220 million in crypto positions liquidated over the past 24 hours.

The global cryptocurrency market capitalization stood at $2.96 trillion, up 0.30% over the last 24 hours. The Dow Jones Industrial Average fell 131.59 points, or 0.26%, to close at 51,349.9, while Treasury yields reached their highest level since 2007.