Major cryptocurrencies under pressure as oil jumps 3%
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The two-year U.S. Treasury yield climbed to 4.19% on Monday, its highest level since February 2025, according to TradingView data, extending a sharp rise that accelerated after Friday’s stronger-than-expected U.S. jobs report.
The yield is up roughly 80 basis points since the onset of the Iran war in late February, including a gain of more than 10 basis points last week alone.
As a maturity closely aligned with the Fed’s policy horizon, the two-year yield is particularly sensitive to interest rate expectations. Its continued ascent signals growing market bets that the Fed’s next move could be a rate hike, a stark reversal from earlier in the year, when markets were pricing in at least two rate cuts.
Hence, rising yields are typically seen as a headwind for risk assets, including technology stocks and cryptocurrencies.
Bitcoin fell nearly 14% last week, briefly dipping below $60,000. As of writing, it changed hands at $62,600, having hit a high of over $63,600 late Sunday.
Bitcoin slipped to about $62,900 after renewed military conflict between Iran and Israel rattled global markets and sent Asian stocks sharply lower.
Oil prices jumped more than 3% and Asian equity indexes tumbled, even as President Trump urged Israel not to retaliate further against Iran.
Rising oil and Treasury yields, recent outflows from spot bitcoin ETFs and broader risk-off sentiment have already driven bitcoin down about 14% with volatility likely to stay elevated amid U.S. inflation data and major IPOs.
Source: CoinDesk
