Crypto Market Slumps as Treasury Yields Reach Highest Level Since 2007

The cryptocurrency market experienced a decline on Thursday, led by Bitcoin's drop of over 2% in trading. This brought its price down to the $83,900 to $84,150 range. The sharp fall came as U.S. Treasury yields surged to their highest point since 2007.

The 10-year yield closed at 5.11%, up 15 basis points in a single day. Dogecoin took the biggest hit among major tokens, falling about 8% and dropping to just above 9 cents.

The increase in Treasury yields was attributed to several factors, including oil prices and a weak $70 billion five-year note auction. The Treasury sold these notes at a yield of 5.033%, the highest auction yield since 2006.