Bitcoin Falls Below $77K as US Treasury Yields Rise
Bitcoin dropped to an intraday low of $76,476 Friday, sending weekly losses to about 3% and cutting total crypto market cap to $2.65 trillion amid moves in US Treasury yields.
Bitcoin fell below $77,000 on Friday, sliding to an intraday low of $76,476 after a short sell-off that removed about $1,000 of value in just over two hours. The decline pushed weekly losses to roughly 3% and reduced the total crypto market capitalization to $2.65 trillion.
Exchange data show the drop began shortly after 9 a.m. Eastern. By 12:40 p.m., bitcoin had recovered to about $76,800 and was testing the $77,000 level after trading between roughly $77,200 and just under $78,000 earlier in the session. Bitcoin’s market value fell to about $1.54 trillion from $1.55 trillion on May 21. Flat price action in other tokens kept the combined crypto market cap near $2.65 trillion.
With about one week left in the month, the current price trend would produce a negative May close if it holds and would extend bitcoin’s year-to-date losses into double digits.
Global equities diverged from bitcoin on Friday, with stocks rising amid reports of diplomatic outreach related to the U.S.-Iran situation and lobbying by Gulf states against resuming combat operations. Those developments coincided with declines in oil prices and a pullback in Treasury yields.
West Texas Intermediate fell below $100 a barrel and Brent traded under $105. The 10-year U.S. Treasury yield eased to about 4.55% after testing 4.63% earlier in the week. The softer yield environment coincided with gains in high-growth technology stocks.
Bitunix analysts warned: “The market’s true concern is no longer a single bearish catalyst, but whether global capital is beginning to rotate away from growth-oriented assets toward defensive allocations. If Treasury yields continue trending higher, BTC volatility could expand further, forcing markets to reassess the crypto sector’s actual resilience under a prolonged high-rate environment.”
Traders in the digital-asset space are watching U.S. Treasury yields, oil and gold for signals about capital flows that could affect demand for higher-volatility positions such as bitcoin.
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