Bitcoin Slumps as Global Bond Yields Hit Multi-Decade Highs

Bond yields in Japan, the UK, and the US have hit multi-decade highs, causing Bitcoin to fall below $77,000.

Japan's 10-year yield reached 3% for the first time since 1996, while the UK's 30-year gilt hit its highest level since March 1998.

The move in bond yields is attributed to rising inflation expectations and heavy borrowing, as well as a hawkish speech by Federal Reserve Chair Kevin Warsh at Jackson Hole.

Bitcoin declined 2.1% in 24 hours, but managed to recover some losses, trading near $77,300 at the time of writing.