Bitcoin Holds at $84K as Treasury Yields Reach 2007 Highs
US Treasury yields climbed to their highest level since 2007, rattling risk assets while Bitcoin steadied and ONDO led altcoin gains.
If you've been watching your crypto portfolio with one eye and the bond market with the other, Thursday gave you plenty to think about. US Treasury yields surged to levels not seen since 2007 — that's a 19-year high — putting real pressure on anything considered a "risk asset," which, yes, includes your Bitcoin and altcoins.
Despite that headwind, Bitcoin showed some surprising resilience, holding its ground near the $84,000 mark. That kind of steadiness during a bond market freakout is the sort of thing Bitcoin bulls point to when they argue the asset is maturing. Whether that story holds up long-term is another question, but for one rough Thursday, BTC didn't flinch much.
Read more UK Bank Stocks Slide as 30-Year Gilt Yields Hit 1998 High →
Over in altcoin land, ONDO stood out as the day's top performer, bucking the broader pressure that Treasury yields were exerting on the crypto market. When most of the market is getting squeezed, a single token jumping to the front of the pack tends to catch attention — and ONDO did exactly that.
Here's the context worth knowing: when Treasury yields rise, so does the "risk-free" rate of return — basically what you earn just by parking money in government bonds. That makes speculative assets like crypto look comparatively less attractive to big institutional investors, which is why high yields and crypto prices often move in opposite directions. The fact that Bitcoin didn't crater is notable, though caution is still warranted given the macro backdrop.
Continue reading at Cointelegraph.
