Bitcoin Tumbles Amid Rising Treasury Yields and Intensifying Crypto Competition

Bitcoin's price slipped to $83,164 as Treasury yields rose and Robinhood expanded its crypto derivatives offerings in the US.

The 30-year Treasury yield surpassed 5.6% for the first time since June 2002, while the 10-year yield neared 5.3%, weighing on crypto sentiment.

Robinhood's announcement of US crypto perpetual futures via its own derivatives arm coincided with a 17% drop in Lighter and intensified competition in the crypto market.

Before the release of US PCE inflation data, Bitcoin traded near $83,000 after a failed breakout attempt at $87,300 earlier this month.