Bitcoin buyers punished by surging bond yields

Bitcoin buyers punished by surging bond yields

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The love affair of investors with Bitcoin has become a double-edged sword as surging bond yields triggered a selloff of risky assets, including bitcoin, and punished the stocks of companies that recently bought the cryptocurrency.

“Rising interest rates have led to a selloff in tech stocks and the broader market,” said Marc Lichtenfeld, chief income strategist at The Oxford Club.

The 10-year Treasury yield this week hit 1.61%, its highest level in a year, and soared above the S&P 500’s 1.5% dividend …

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