Bitcoin Slumps Below $64K Amid Surging US Bond Yields
Bitcoin fell below $64K as its price correction accelerated after Wall Street opened on Friday. The cryptocurrency's decline was driven by multiple macro headwinds, including surging US bond yields and geopolitical tensions.
Data from TradingView showed that BTC/USD approached the $64,000 mark as bulls struggled to preserve recent gains.
Rising US Treasury yields were a key driver of the sell-off, according to Mosaic Asset Company. The firm noted that the two-year yield was particularly prone to influence the outlook on Federal Reserve interest-rate changes.
The latest data from CME Group's FedWatch Tool showed that markets still expected the Fed to leave rates unchanged next week, while pricing in a 0.25% hike in September as one of two increases expected before the end of 2026.
Crypto trader Killa identified a 'plunge protection team' active on Binance, which may be attempting to shore up the market.