Crypto markets rebound as bitcoin regains $84,000 despite bond yield pressure
Crypto assets are rebounding even as rising Treasury yields continue to weigh on broader risk sentiment. Bitcoin recovers Monday's losses and trades above $84,000, while decentralized finance tokens lead gains across the CoinDesk 100.
Highlights
- Bitcoin regains $84,170, up 0.82% since midnight UTC, as the CoinDesk 100 climbs 0.89% to 1,904.49.
- DeFi tokens surge, with the DeFi Select Index up 5.0%, Aave rising 11% on possible token burn, and Curve DAO token up 5.2%.
- Crypto rebound occurs despite 10-year U.S. Treasury yield reaching 5.234% and 30-year yield hitting 5.549%, their highest since 2007 and 2004.
DeFi tokens lead latest crypto advance
As reported by CoinDesk, bitcoin is trading at $84,170, up 0.82% since midnight UTC, while the CoinDesk 100 adds 0.89% to 1,904.49.Decentralized finance is leading the move again, with the DeFi Select Index rising 5.0%. Aave jumps 11% after Stani Kulechov says a token burn may form part of the coming Aavenomics upgrade, while Curve DAO token gains 5.2%.
Broader market breadth also remains positive, with 72 of the 100 CoinDesk 100 constituents higher. The CoinDesk 80 rises 2.0%, outpacing the CoinDesk 5's 1.3%, although that ranking reverses over a 24-hour period, when the CoinDesk 5 shows a 1.7% gain against the CoinDesk 80's 0.44%.
Bond market pressure still weighs on risk assets
The crypto rebound is arriving despite conditions that have been suppressing risk assets for about a week. The 10-year U.S. Treasury yield is at 5.234% after ending Monday above 5.2%, near levels last seen in 2007, while the 30-year yield is at 5.549% after topping 5.56% on Monday, around a 2004 high.Those moves continue to pressure equities. U.S. stocks fall for a second session on Monday, with the Dow down more than 300 points and the S&P 500 and Nasdaq Composite losing 0.8% and 0.9%, while futures are mixed on Tuesday morning.
Our earlier coverage on the latest surge in U.S. Treasury yields examined how borrowing costs pushed to fresh multiyear highs before easing slightly, as investors weighed sticky inflation risks, Middle East tensions, and a heavy U.S. data calendar. We also noted that markets were increasingly pricing in another Federal Reserve rate hike and that upcoming releases such as JOLTS, core PCE, GDP, and nonfarm payrolls could further shift expectations for rates and growth.
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