Yield Shock Sends Bitcoin, Altcoins into Decline

Investors are shifting their focus from risk assets to safer havens amid rising Treasury bond yields. The surge in yields has caused investors to move capital away from risky investments, including cryptocurrencies.

The correlation between Bitcoin's price and Treasury yields remains inconsistent over the long term, but the recent spike in yields has had a significant impact on the cryptocurrency market.

Bitcoin's price fell nearly 2% on Thursday, following a pullback from its recent high of above $87,300. Dogecoin took an even bigger hit, declining over 3.8%, according to TradingView data.