Bitcoin Plunges as US Bond Yields Soar

Bitcoin's price fell over 1.6% on Friday as it continued to face pressure from multiple macroeconomic headwinds.

The US bond yields surged, leading to a hawkish pivot in Federal Reserve interest-rate expectations, which further weighed on the crypto market.

Data from TradingView showed BTCUSD approaching $64,000 as bulls struggled to preserve recent gains.

Trading firm Mosaic Asset Company said that rising US Treasury yields were a key driver of the sell-off, with the two-year yield now sitting well above the Federal Reserve's target range at 4.31%.