Bitcoin remains close to the $65,000 mark indicates a broader market downturn.
There has been a decrease in crypto futures rates and open interest, suggesting a potential conclusion to a two-month upward trend.
During Asian trading hours on Tuesday, Bitcoin (BTC) maintained its losses, trading around $66,000, as traders processed the resurgence of Treasury yields and the likelihood of the Federal Reserve postponing rate cuts until later this year.
As of the current moment, ether (ETH) is trading above $3,300, while the CoinDesk 20 (CD20) has declined by 0.6% to 2,532.
The yield on the 10-year Treasury note reached a two-week high of 4.40% overnight due to ongoing inflation concerns and unexpectedly robust manufacturing activity. Typically, an increase in the risk-free rate prompts capital outflows from riskier assets and non-yielding investments like gold. Despite the bearish sentiment in Bitcoin and the tech-heavy Nasdaq index, gold remained resilient.
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