Bitcoin Price Near $71,200 as Yield Pressures Crypto

Bitcoin price traded near $71,200 on Thursday evening after slipping to a fresh session low around $71,000, its weakest level since Aug. 20, as higher U.S. Treasury yields continued to weigh on crypto markets.

Why Rising Treasury Yields Pressure Bitcoin

The decline began before the U.S. stock market open, with Bitcoin falling below $72,000 and reaching about $71,150 shortly after 10 a.m. Eastern. A later bounce faded, and the price printed a new session low near $71,000 around 6:23 p.m. Bitcoin remains roughly $30,400 below its closing level from one year earlier.

Pressure came from rates and equities. The 10-year Treasury yield rose about 12 basis points to 5.105%, touching 5.12%, its highest since Oct. 21, while U.S. stocks closed modestly lower. Fed funds futures priced in 29 basis points of December hikes, raising the cost of holding non-yielding assets such as Bitcoin.

Crypto-linked shares also slid. Strategy fell 6.5% amid MSCI index removal news, while BlackRock’s iShares Bitcoin Trust dropped 4.5% after nine straight days of outflows. Evening headlines included court authority over more than $1.2 billion linked to a Binance-related theft and Binance’s claim that it covered user losses, but they did not lift the market.