Crypto
Bitcoin Resilience Tested by Soaring US Bond Yields
Bitcoin is maintaining its position near $83,600 despite rising U.S. bond yields that are testing investor risk appetite.
According to CoinMarketCap, Bitcoin was trading at $83,638 around 8:20 a.m. on the 30th, little changed from 24 hours earlier. It has been fluctuating between $82,000 and $84,000 recently.
Ethereum, the second-largest cryptocurrency by market capitalization, was also stable, trading at $2,685. Ripple stood at $1.49, and Solana at $119.3, all posting price gains of less than 1%.
The recent crypto market movement is influenced by a rise in U.S. Government Bond yields, which topped 5.2% intraday on the 29th. This has led to a decrease in the investment appeal of risk assets like Bitcoin, which does not pay interest.