Rising Bond Yields Slam Crypto Market, Weighing on Bitcoin

The rise in U.S. Treasury yields has sent shockwaves through the crypto market, putting pressure on Bitcoin and other major altcoins.

With the 10-year yield reaching 5.21% and the 30-year yield at its highest since 2004 near 5.51%, investors are selling off cryptocurrencies in favor of bonds.

This trend is reflected in Bitcoin's trading range, which has remained relatively stable at $83,288 to $85,177, but with a noticeable decline in futures open interest by about 2%.