Bitcoin recovers to $84,000 as bond yields pressure US stocks

Bitcoin recovered Monday's losses to trade at $84,170 on Tuesday. Bitcoin rose 0.82% since midnight UTC. It gained 1.4% over 24 hours. The CoinDesk 100 rose 0.89% to 1,904.49, with 72 of its 100 constituents higher. The 10-year Treasury yield stood at 5.234%, near levels last seen in 2007. The 30-year yield stood at 5.549% after topping 5.56% on Monday, around a 2004 high. Elevated Treasury yields drove US stocks lower for a second session on Monday. The Dow fell more than 300 points. The S&P 500 lost 0.8%. The Nasdaq Composite lost 0.9%. Decentralized finance drove the cryptocurrency gains. The DeFi Select Index rose 5.0% since midnight. Lending protocol token AAVE rose 11%. Curve DAO token CRV rose 5.2%. The CoinDesk 80 rose 2.0%, compared with 1.3% for the CoinDesk 5. Over 24 hours, the CoinDesk 5 gained 1.7%, compared with 0.44% for the CoinDesk 80.