Cryptos and stocks trend lower as U.S. Treasury yields hit 16-year highs

- Cryptocurrency prices trended lower for a second day on Tuesday as U.S. Treasury yields continued to climb, with the 10-year note hitting a 16-year high of 4.81% in the afternoon, which put negative pressure on financial assets across all markets.

Data provided by TradingView shows that after opening the day at $27,505, Bitcoin briefly climbed to a daily high of $27,675 before bears took control of the price action and pushed it to a low of $27,160 in the late afternoon. At the time of writing, BTC trades at $27,360.October Bitcoin futures prices traded “near steady in early U.S. trading Tuesday, on a normal pause after hitting a six-week high on Monday,” said Kitco senior technical analyst Jim Wyckoff.

Currently, we're doing that. If the lower timeframes keep on pushing higher lows, we'll most likely run towards $30-35K in the coming 4-8 weeks. pic.twitter.com/vr11s6AD7e

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