Bitcoin Tumbles as US Treasury Yields Surge to 2007 High

The price of Bitcoin has dropped to around $83,000 on Thursday, pressured by the strong rise in US Treasury yields.

According to data from the Portal do Bitcoin, the largest cryptocurrency has lost 3.1% over the past 24 hours and is now valued at $83,226. The Ethereum price also fell 3.4%, while XRP plummeted 8.7%. Solana dropped 3.6% and BNB declined by 2.5%.

The surge in Treasury yields was largely driven by a combination of strong economic data, higher oil prices, and weak demand at a US government debt auction. The benchmark 10-year Treasury yield rose to its highest level since 2007, reaching 5.11%. This increase in yields tends to weigh on risk assets like Bitcoin, which does not offer a return, while also making leveraged positions more expensive.