Bitcoin (CRYPTO: $BTC) is struggling to remain above $75,000 U.S. as Treasury yields continue to rise, pressuring risk assets such as cryptocurrencies and stocks.
Both 10-year and 30-year U.S
Treasurys have been steadily rising over the past week, with the 30-year government bond reaching 5.13%, its highest level since 2007. Government bonds are climbing higher after the U.S. inflation rate reached an annualized 3.8% in April, raising the prospect of higher interest rates later this year. More From Cryptoprowl: The upswing in U.S.
Treasury yields is putting downward pressure on stocks and cryptocurrencies such as Bitcoin. As a result, the price of BTC has fallen from a peak of $82,000 U.S. to as low as $76,000 U.S. over the past week. Bitcoin is currently treading water at just over $77,000 U.S.