Bitcoin Slumps Below $64K Amid Rising Yields and Weak Stablecoin Inflows

Bitcoin's price dropped below $64,000 on Saturday, hitting approximately $63,919. This represents a decline of around 2.3% over the previous 24 hours. The downward momentum intensified after Friday's opening bell.

The two-year Treasury yield has climbed to 4.31%, placing it above the Federal Reserve's target range. Mosaic Asset Company attributes this move as a primary catalyst for Bitcoin's decline, noting that 'massive moves are underway across the yield curve.'

Market expectations suggest the Federal Reserve will maintain current interest rates at its next meeting, but traders have priced in a 0.25% rate increase for September. This has led to speculation about additional rate hikes.