#Cryptocurrency prices are under pressure.#

Cryptocurrency prices have recently come under pressure, primarily due to rising global government bond yields. The US 10-year Treasury yield has neared multi-year highs, while the UK 30-year gilt yield has reached its highest level since 1998. Other countries like Germany, Italy, and Japan have also experienced similar upward trends in yields. While rising yields over the past few months did not hinder cryptocurrency price movements, major cryptocurrencies like Bitcoin have recently seen declines exceeding 10%. This suggests that as yields rise, investors are starting to shift funds from riskier assets like cryptocurrencies to safer assets like bonds. Notably, China has seen a sharp decline in yields due to deflationary concerns, bucking the global trend. Overall, rising global government bond yields are putting pressure on cryptocurrency prices, and the future trajectory of the cryptocurrency market remains to be closely monitored.