Bond Rout Tests Crypto Rally as Bitcoin Holds Steady Near $84,000

Bitcoin has steadied around $84,000 after coming under pressure from surging global bond yields and oil prices.

The world's largest cryptocurrency was recently trading at approximately $84,370, little changed over 24 hours, following its recent fall below $84,000 during Thursday's session.

Bond yields continue to be a major macroeconomic pressure on cryptocurrency markets, with the benchmark US 10-year Treasury yield climbing to 5.196% on Thursday, its highest level since 2007.

Despite this, institutional demand remains strong, with Bitcoin exchange-traded funds (ETFs) attracting around $347 million of net inflows on Wednesday, extending their positive run to five consecutive trading sessions.