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Crypto rebounds despite bond market pressure

Aave-led DeFi buying supported crypto assets on Tuesday, even as U.S. Treasury yields extended their sharp rise. Bitcoin erased Monday’s losses and climbed to $84,170, up 0.82% since midnight and 1.4% over the past 24 hours.

The recovery broadened across the market. Of the 100 assets in the CoinDesk 100 Index, 72 were higher, while the benchmark gained 0.89% to 1,904.49. The move came despite macroeconomic conditions that have pressured risk assets over the past week.

U.S. Treasury yields and the stock market backdrop

The U.S. 10-year Treasury yield traded at 5.234% on Tuesday after closing above 5.2% on Monday. The level is close to highs last seen in 2007. The 30-year yield, which topped 5.56% on Monday, traded at 5.549%, pointing to a range near peaks from around 2004.

U.S. equities were weaker over the same period. The Dow Jones Industrial Average fell more than 300 points on Monday, while the S&P 500 and Nasdaq Composite dropped 0.8% and 0.9%, respectively. Futures trading was mixed on Tuesday morning.

DeFi tokens led the advance

The strongest performance of the day came once again from decentralized finance, for the second time this week. The DeFi Select Index (DFX) rose 5% since midnight, led by an 11% gain in AAVE and a 5.2% rise in Curve DAO token CRV.

  • AAVE rose to $166.29.
  • CRV traded at $0.3834.
  • The CoinDesk 80 index rose 2% over the same period, while the CoinDesk 5 gained 1.3%.

Over a longer time frame, the ranking was partly reversed. Over the past 24 hours, CoinDesk 5 gained 1.7%, outpacing the CoinDesk 80’s 0.44% advance. The data showed that intraday buying was concentrated especially in DeFi-linked assets.

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