U.S. Treasury Yields Reach Multi-Decade Highs, Impacting Bitcoin Prices
On September 24, U.S. Treasury yields reached multi-decade highs with the 30-year bond yield hitting around 5.44% and the 10-year yielding over 5.13%. This surge in yields coincided with a decline in Bitcoin prices as investors shifted toward safer assets amid expectations of another Federal Reserve rate hike. The inverse relationship between bond yields and their market value contributed to this shift, leading to a broader sell-off across cryptocurrencies. Bitcoin had briefly surpassed $87,000 earlier on September 22 but retreated below that level following the yield spike. At the time of writing, Bitcoin was trading at approximately $84,209, down about 1.6% in a day. Other major cryptocurrencies like Ethereum and XRP also experienced declines, with meme coins such as Dogecoin and Shiba Inu falling by over 5%. The total crypto market capitalization dropped to around $2.93 trillion.
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Topics: Bitcoin Ethereum Federal Reserve Meme Coins Treasury Yields