Bitcoin Takes Hit as US Treasury Yields Reach Multi-Year High

Bitcoin's price has been under pressure lately due to rising U.S. Treasury yields, which may trigger selling in the popular cryptocurrency.

The yield on the 10-year U.S. Treasury note recently surpassed 1.7%, its highest level since February 2020, according to data from the U.S. Department of the Treasury.

This increase in interest rates has led to a surge in the value of the U.S. dollar, which in turn may lead to selling pressure on Bitcoin and other assets that are perceived as high-risk investments.