Live updates: Bitcoin edges up from worst levels as yields pull back
Bitcoin recovered slightly from intraday lows as Treasury yields eased from their worst levels, trading around $83,500 and down about 2.6% over 24 hours. Ether underperformed, sliding roughly 6% after Tom Lee said Bitmine would soon stop adding to its ETH holdings. Broader risk assets also steadied as U.S. long-term yields and European government-bond yields retreated a few basis points from session highs.
Why It Matters
Movements in long-dated government yields are helping set the tone for crypto and equity markets, so the pullback in yields is providing short-term support for risk assets. Reports about institutional behaviour — here, Bitmine reducing ETH purchases — can quickly affect individual crypto prices and market sentiment.
Key Facts
- bitcoin price (around): $83,500
- bitcoin 24-hour change: down about 2.6%
- ether intraday move: down roughly 6%
- reason given for ether drop: Tom Lee said Bitmine would soon stop purchasing additional ETH
- U.S. 10-year Treasury yield intraday high: 5.37%
Bitcoin climbed modestly from its worst levels of the session as long-term government yields backed off intraday highs. The U.S. 30- and 10-year Treasury yields each fell by about five basis points from their peaks, a pattern mirrored in long-dated European sovereign bonds, which offered some relief to risk-sensitive assets. That modest respite left bitcoin trading around $83,500, roughly 1% above its intraday lows but still about 2.6% lower over the last 24 hours.
Ether lagged the broader crypto complex, plunging about 6% after Tom Lee said Bitmine would soon halt further ETH purchases. The news appears to have weighed directly on Ether demand expectations, producing a sharper decline in ETH relative to bitcoin during the session.
Equities also pared losses as yields retreated. The Nasdaq and S&P 500 narrowed their declines (the Nasdaq down roughly 0.5% and the S&P 500 down about 0.3% at the time of the report), while crypto-linked stocks were broadly weaker amid the earlier crypto sell-off. Notable decliners included Coinbase, Gemini, Bullish, Circle, MARA Holdings, MicroStrategy and BitGo, each registering mid-single-digit to high-single-digit percentage drops.
Market participants flagged macro pressures as key drivers of the moves. An OTC trader at Wintermute, Jasper De Maere, noted that bitcoin’s overnight slide demonstrated markets’ sensitivity to geopolitical stress, with about $400 million in long crypto positions liquidated over 12 hours. Rising oil prices, a firmer U.S. dollar and higher Treasury yields were cited as principal headwinds; De Maere identified $82,500 as a critical downside level for bitcoin that would signal further pressure if broken.
Elsewhere, oil prices moved higher amid questions about the scale of planned reserve releases by European countries, and precious metals sold off sharply — spot gold and silver both posted notable declines. The broader macro picture, including Fed-related uncertainty and energy-market developments, continues to shape risk-asset flows across crypto, equities and commodities.
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Original source: CoinDesk