Bitcoin recovers to 110 million won as rate concerns ease and dollar weakens

Bitcoin climbed back above 110 million won as a pause in the rise of US Treasury yields and a weaker dollar supported the cryptocurrency.

At 8:10 a.m., Bitcoin traded at 110.73 million won on the South Korean exchange Bithumb, up 0.27% from 24 hours earlier. In dollar terms, it stood above $80,000 at $81,136.

Major altcoins moved lower. Ether fell 0.18%, while Solana and XRP declined 1.25% and 0.10%, respectively.

The recent surge in US Treasury yields had pressured financial markets, but that increase eased. Dovish remarks from senior Federal Reserve officials also reduced concern about a September interest-rate hike. The 10-year US Treasury yield, a global bond-market benchmark, fell 3 basis points to 4.761% at 3 p.m. A stronger yen and weaker dollar also supported Bitcoin’s price.