Bitcoin holds up as oil tops $90 and Treasury yields hit 2023 high

  • Bitcoin has remained resilient despite higher oil prices and rising U.S. Treasury yields.
  • West Texas Intermediate crude futures rose above $90 a barrel as the 10-year yield reached its highest level since 2023.
  • CoinDesk said equities and gold fell, while a stronger DXY could weigh on Bitcoin prices.

Bitcoin has posted only limited losses despite West Texas Intermediate crude futures rising above $90 a barrel and the 10-year U.S. Treasury yield reaching its highest level since 2023. CoinDesk linked the yield increase to U.S. fiscal concerns and said more expensive oil was adding inflation pressure, potentially narrowing the Federal Reserve’s scope to cut rates. The combination has weighed on equities, while gold prices also fell sharply. A rebound in the U.S. Dollar Index, or DXY (a measure of the dollar against major currencies), could add pressure to Bitcoin, CoinDesk said.

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