Bitcoin
Bitcoin Fluctuates Around $78,000 as Long-Term US Bond Yields Approach Multi-Year Highs
Crypto markets experienced fluctuations as US Treasury yields neared two-decade peaks following remarks from Treasury Secretary Scott Bessent.
Bitcoin hovered around $78,000 at the start of the US trading session as rising US Treasury yields created fresh pressure across financial markets. Prices experienced brief swings following remarks by US Treasury Secretary Scott Bessent regarding the government's bond market strategy.
In a CNBC interview, Bessent clarified that the Treasury had not yet initiated direct interventions to support the long end of the yield curve, noting he was comfortable with yields rebounding after prior announcements. Despite earlier plans to double Treasury debt buyback operations to $4 billion starting in September, the 10-year yield reached 4.76%, while the 30-year yield rose to 5.269%, nearing levels last seen in early 2007.
Market commentators highlighted the disconnect between policy efforts and yield movements, with The Kobeissi Letter remarking that bond markets appeared to overlook Treasury measures. Meanwhile, investor Ray Dalio expressed doubt over the administration's ability to stabilize bonds, pointing to Bitcoin and gold as prospective hedges against sovereign debt risks.
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