Bitcoin Rises. But Surging Bond Yields Will Keep the Pressure On Cryptos.

Bitcoin and other cryptocurrencies ticked higher Tuesday, but—like the stock market—digital assets remain under pressure from rising bond yields as investors continue to mull the outlook for interest rates and Federal Reserve monetary policy.

“Cryptocurrency market sentiment remains weak, amid declines in global stock markets, a strong dollar and rising yields putting pressure on risk assets,” said Hani Abuagla, an analyst at broker XTB. Macroeconomic headwinds only add to the pressure on cryptos, which have stagnated since the summer with trading volumes and characteristic volatility—which has attracted investors in the past—slumping to record low levels.

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