Treasury Yield Rises to 5.2%, Testing Cryptocurrency Demand

The US Treasury yield has reached 5.2% after oil prices surged on September 24, sparking concerns about the impact on cryptocurrencies.

Bitcoin's price dropped from $87,000 to around $84,000 following the increase in yields, but it still managed to hold its ground despite higher borrowing costs.

The 10-year Treasury yield climbed to 5.20% during trading before ending below that level, while the 30-year yield closed at 5.47%, its highest since 2004.

Regulatory uncertainty remains another challenge for the crypto market, as a major US digital asset bill, the CLARITY Act, is stalled in the Senate with 49 votes for and 50 against advancing it.