Bitcoin drops 4.8% amid rising Treasury yields

Bitcoin dropped 4.8% to $97,183.80 as a spike in U.S. Treasury yields weighed on risk assets, according to Coin Metrics cited by CNBC. The broader crypto market declined over 5%, with Coinbase and MicroStrategy stocks falling 7% and 9%, respectively. The yield increase followed stronger-than-expected U.S. services sector growth, raising inflation concerns. Despite the drop, Bitcoin remains up 3% in 2025 after a 120% gain last year, as investors anticipate regulatory clarity and potential rate cuts.