Bitcoin Tests Key Support Level as Macro Yields Rise and HYPER Raises $33M
The cryptocurrency market experienced a brief correction on Thursday, September 24, as macroeconomic headwinds applied pressure to risk assets. Bitcoin (BTC) is currently trading around $84,500, representing a modest 1.94% decline over the past 24 hours. This localized pullback follows a strong start to the week where BTC surged past $87,300 on Monday.
Despite the daily dip, the leading digital asset remains up over 10% on a week-on-week basis. The selling pressure across the digital asset space coincided with a sharp rise in traditional bond yields. The 10-year US Treasury yield closed at 5.11%, while a recent $70 billion auction of five-year notes cleared at 5.033%, marking the highest yield for this auction since 2006.
Bitcoin Hyper (HYPER), an upcoming Layer 2 network, has raised over $33.15 million in its ongoing presale. This infrastructure play is designed to bring speed and programmability to the Bitcoin ecosystem by utilizing a non-custodial canonical bridge. Users can lock their native BTC and mint wrapped Bitcoin on the L2, allowing them to interact with decentralized finance (DeFi), non-fungible tokens (NFTs), meme coin launchpads, and other decentralized applications.