Treasury Yields and Iran Tensions Sink Bitcoin to $83k

Bitcoin slid to $83,061.4 on Monday, down 1.7% from its previous value.

The decline came as Treasury yields surged and tensions between the US and Iran continued to escalate, dampening appetite for risk-driven markets.

Government bond yields rose globally, with the 10-year US yield reaching levels last seen in 2007, while Japan's 10-year yield blew past its 30-year peak.

The sharp increase in yields was driven by expectations of further interest rate hikes to combat rising inflation, which is being fueled in part by rising energy costs due to the conflict between the US and Iran.