Bitcoin Gains About 2% as Bond Yields, Dollar and Oil Prices Fall

Bitcoin (BTC) gained about 2% Tuesday as bond yields, the dollar and oil prices declined, creating a more supportive backdrop for the cryptocurrency.

The move came as the three market indicators fell together. Those conditions contrast with periods when higher Treasury yields, a stronger dollar and elevated oil prices weighed on risk-sensitive crypto markets.

The 10-year Treasury yield had previously exceeded its June 2007 high during a prolonged rise in U.S. bond yields. The decline on Tuesday raised the possibility that the earlier pattern was easing, but it was too early to determine whether the move would last.

Bitcoin’s advance followed recent pressure from higher yields, a stronger dollar and rising oil prices, as described in recent market coverage.