Story
Bitcoin Stalls Near $84,000 Amid Bitget Hack and Surging Treasury Yields
Summary
Bitcoin's price was little changed as investors assessed the fallout from a $352 million hack at the Bitget exchange and growing concerns over hawkish Federal Reserve policy.
Bitcoin's price momentum stalled on Friday, trading near $84,000 as investors weighed the impact of a major security breach at cryptocurrency exchange Bitget against persistent macroeconomic pressure from surging U.S. Treasury yields.
The world's largest cryptocurrency fell 0.1% to $83,999.6 by 02:42 ET (06:41 GMT), according to Investing.com data. The muted price action capped a week that had otherwise seen gains driven by positive sentiment around U.S. regulations.
Bitget Exchange Targeted in $352 Million Hack
Cryptocurrency exchange Bitget disclosed late Thursday that it had suffered a security breach resulting in the loss of approximately $351.6 million in digital assets. In response, the company immediately suspended withdrawals but stated that deposits and trading would continue.
Bitget CEO Gracy Chen said that investigators found some potential links to a North Korean hacking group, although the perpetrators were not definitively identified. The exchange detected unauthorized transfers from both its hot and cold wallets, with the affected assets including:
- Ether (ETH)
- XRP
- Tether (USDT)
- USD Coin (USDC)
The incident marks the largest crypto-related breach by value in 2026. Bitget assured users that the losses were fully covered by its user protection fund, which it valued at over $464 million.
AdRising Yields and Rate Concerns Pressure Prices
The cryptocurrency market's recent rally was curbed this week by a sharp rise in government bond yields. Yields on the U.S. 10-year Treasury note surged to levels not seen since 2007, creating significant headwinds for risk assets like crypto.
This spike followed a series of hawkish statements from Federal Reserve officials, who warned that sticky inflation could necessitate further interest rate hikes. Higher interest rates typically diminish the appeal of speculative, non-yielding assets like Bitcoin by increasing the opportunity cost of holding them and tightening overall liquidity conditions.
Broader Crypto Market Reaction
The broader digital asset market saw similarly muted trading on Friday. Ether, the second-largest cryptocurrency, fell 0.4% to $2,674.36, while XRP declined 1.8%. Other major altcoins, including Solana and Cardano, posted modest gains, reflecting a cautious sentiment across the market.
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