US Bond Yields Soar to 19-Year High: Will Crypto Follow?

The US 30-year bond yield has reached its highest monthly close since 2007 at 5.275%, sparking concerns for cryptocurrency investors.

This week's events have been dominated by the yen's rapid appreciation, which has squeezed leveraged positions and put pressure on the Japanese government to intervene. The yen gained 2.91% against the dollar this week, its biggest weekly rise since February, with a reported intervention of around $53 billion.

The impact of this move is being felt across markets, including cryptocurrency. Bitcoin has fallen 2.7% over the past 24 hours and lost its support level at $63,400. The CoinMarketCap 20 index has also declined by 2.4% over the same period.