Bitcoin Surges Above $84k Amid Rebound in Crypto Markets
Crypto markets are rebounding despite pressure from rising Treasury yields, which have reached their highest levels since 2007 and 2004. Bitcoin has recovered its losses from Monday and is now trading above $84,000, up 0.82% since midnight UTC.
The CoinDesk 100 also saw gains, climbing 0.89% to 1,904.49. Decentralized finance (DeFi) tokens are leading the move, with the DeFi Select Index rising 5.0%. Aave is up 11% after its developer Stani Kulechov mentioned a possible token burn as part of the upcoming Aavenomics upgrade.
The broader market breadth remains positive, with 72 out of the 100 CoinDesk 100 constituents higher. However, bond market pressure continues to weigh on risk assets, with rising Treasury yields pressuring equities and pushing investors to reassess their expectations for rates and growth.