Crypto Under Pressure: Treasury Yields Soar Ahead of FOMC Meeting

Treasury yields have reached 4.85% despite a $6 billion buyback, putting fresh pressure on the crypto market ahead of the Federal Open Market Committee (FOMC) meeting.

The sharp increase in Treasury yields has led to a sell-off in risk assets, including cryptocurrencies, as investors become more cautious about their investments.

With the FOMC meeting scheduled for this week, markets are expecting a rate hike, which could further exacerbate the sell-off in cryptos.