Crypto Market Slides as Treasury Yields Rise and Risk Appetite Fades
The 10-year Treasury yield climbed to 5.11% on Sept. 23 as stronger U.S. business activity raised concerns that borrowing costs could stay elevated.
Crypto markets retreated Sept. 24 as higher U.S. Treasury yields weakened appetite for riskier assets and Bitcoin’s market capitalization declined.
The 10-year Treasury yield rose to 5.11% on Sept. 23 from 5.05% the previous day. The 30-year yield also climbed, reaching 5.40% from 5.33%.
Stronger U.S. economic activity added to concerns that borrowing costs may remain elevated. The U.S. Composite PMI increased to 58.4 in September from 56.0 in August, while input-cost growth reached its fastest pace in nearly four years.
Bitcoin’s market capitalization fell to $1.695 trillion on Sept. 24 from $1.731 trillion on Sept. 23, with the dates recorded in UTC.
The move reflects crypto’s sensitivity to bond yields, inflation expectations and broader risk sentiment, although the available figures do not establish a single cause for the decline.
