Dogecoin fell 8% as higher U.S. borrowing costs weighed on the cryptocurrency market, while bitcoin traded below $84,000, according to CoinDesk. Treasury yields climbed to their highest level since 2007 after a rebound in oil, the strongest U.S. business survey in five years and a poorly received five-year Treasury note auction. The rise in yields marked a shift in market conditions as investors responded to stronger economic activity and increased government borrowing costs. DOGE recorded the largest decline among the tokens highlighted in the report. Bitcoin also moved lower, while the broader group of tracked crypto assets remained under pressure. Oil’s rebound and the jump in Treasury yields are relevant cross-market developments for cryptocurrency investors, as they can influence sentiment toward risk-sensitive assets. The report did not provide additional price levels for the other tokens listed.
