Crypto Market Tumbles as Treasury Yields Reach 2007 Highs

The crypto market experienced a decline on Thursday, with Bitcoin and other major cryptocurrencies trading lower. The global cryptocurrency market capitalization fell by approximately 3.4% over 24 hours to around $2.92 trillion.

Bitcoin's price dropped to around $83,942.62 after falling roughly 3% over the past day. Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) also traded lower.

The decline in the crypto market coincided with a sharp rise in U.S. Treasury yields, which reached levels last seen in 2007. The benchmark 10-year Treasury yield moved above 5.1%, while interest-rate markets priced a federal funds target range of 4.75% to 5% by June 2027.