Bitcoin Slides to $66K Amid Rising Treasury Yields and Fed Rate Concerns

Bitcoin is trading around $66,000 as rising Treasury yields and the possibility of delayed rate cuts by the Fed impact investor sentiment. The CoinDesk 20 Index indicates broader market weakness, with crypto futures rates and open interest decreasing. The 10-year Treasury note yield reached a two-week high, leading to an outflow of money from risk assets. This has resulted in a retracement of bitcoin prices and the liquidation of over $245 million in long positions in the last 24 hours. The market is also reacting to the uncertainty surrounding potential rate cuts, with bettors ruling out a cut by May and split on whether one will happen in June.