Bitcoin Surges Past $80,000 as US Yields Fall

Bitcoin surged on Thursday to top $80,000 for the first time in nearly a week, as risk assets generally benefited from falling US Treasury yields.

The rise of Bitcoin came despite the yield on the 10-year Treasury note climbing to its highest level since November 2023 earlier this week, but it retreated further on Thursday, falling 2.2 basis points to 4.772%.

Fed Governor Christopher Waller helped improve the mood with comments suggesting that inflation may be slowing down, which could keep interest rates steady for now.

Andrew Forson, president of DeFi Technologies, believes the price movement reflects more than just simple liquidity effects and notes that Bitcoin's strong rally over the past few weeks came even as the US 10-year yield rose nearly 10 basis points.