Bitcoin Dips Below $64K as Rising Bond Yields Fuel Rate-Hike Bets
BTC briefly fell under $64,000 as U.S. bond yields surged, while Binance bid liquidity helped stem further declines.
Bitcoin slipped below $64,000 on Monday as a sharp rise in U.S. Treasury bond yields boosted expectations that the Federal Reserve may need to hike interest rates sooner than anticipated. The yield on the 10-year Treasury note climbed to its highest level in over a month, pressuring risk assets including cryptocurrencies.
According to market observers, a so-called 'plunge protection team' on Binance stepped in with buy orders near the $64,000 level, providing a floor that prevented a deeper sell-off. The exchange's bid liquidity has historically helped stabilize Bitcoin during sudden drops.
Bitcoin later recovered to trade around $64,400, but the combination of rising yields and hawkish Fed rhetoric continues to weigh on investor sentiment. Analysts are watching for further macroeconomic signals that could influence crypto markets in the near term.