Meanwhile, NEAR, the cryptocurrency powering layer 1 blockchain Near, rose by as much as 20% over the past 24 hours.
The 10-year Treasury yield reached a new three-year high at 2.7% as investors reduced their exposure to bonds amid rising inflation and higher interest rates.
The chart below shows bitcoin’s total open interest, or number of outstanding derivative contracts on the Chicago Mercantile Exchange , which has ticked lower over the past week.
Further, BTC’s annualized rolling three-month basis, or the relative difference between the price of the future contract and the spot price, has declined across major exchanges over the past two weeks.
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