Bitcoin Price Trades Near $71,200 After a Fresh Session Low as the 10-Year Yield Holds Above 5%
By Micah Zimmerman
AI summary of the source article
Bitcoin traded near $71,200 after touching a session low near $71,000 as the 10-year Treasury yield climbed above 5.1%. Crypto-related stocks and broader U.S. equities also dropped.
Why it matters
Rising rates raise the cost of holding an asset that pays no interest, and that has weighed on the bitcoin price all week.
Key facts
- Bitcoin fell to a session low near $71,000, its weakest level since August 20.
- BlackRock’s iShares Bitcoin Trust fell 4.5% after experiencing $2 billion in outflows over nine consecutive days through Wednesday.
- The Justice Department obtained authority to seize or restrain over $1.2 billion in cryptocurrency stolen from Binance, while Binance stated it covered $6.34 billion in user losses with company funds.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Bitcoin Price Trades Near $71,200 After a Fresh Session Low as the 10-Year Yield Holds Above 5% Bitcoin price traded near $71,200 Thursday evening after slipping to a fresh session low near $71,000, its weakest level since Aug. 20. This post Bitcoin Price Trades Near $71,200 After a Fresh Session Low as the 10-Year Yield Holds Above 5% first appeared on Bitcoin Magazine and is wri…