Bitcoin Tops $71,500 as Dollar Strength and Rising Yields Fail to Dent Momentum
Bitcoin traded above $71,500 on Friday, showing resilience against a challenging macro backdrop that has kept U.S. equities subdued while the dollar and Treasury yields climb.
The largest cryptocurrency has managed to outperform traditional risk assets even as financial conditions tighten. A stronger U.S. dollar typically weighs on assets such as stocks and cryptocurrencies by tightening global liquidity. At the same time, oil prices remain elevated — with Brent crude and West Texas Intermediate hovering near $100 per barrel — fueling inflation concerns and reinforcing expectations that interest rates may remain high.
Higher borrowing costs usually reduce the appeal of speculative investments, yet bitcoin has remained relatively steady. Despite ongoing geopolitical tensions in the Middle East, the cryptocurrency has emerged as one of the better-performing macro assets since the conflict escalated on March 1. In recent weeks, Fridays have often brought declines of around 3% for bitcoin, though that trend has not materialized so far today.
The Dollar Index (DXY) rose above 100, marking its strongest level since late November as the U.S. currency gained against major global peers. Meanwhile, the benchmark 10-year U.S. Treasury yield moved above 4.2%, signaling tighter financial conditions and higher funding costs across markets.
Equities, by contrast, have struggled to find direction. The Invesco QQQ Trust (QQQ) — an ETF that tracks the Nasdaq-100 — was little changed in recent trading.
Among crypto-related equities, Strategy (MSTR) — the largest publicly traded corporate holder of bitcoin — advanced about 1% in pre-market trading after adding roughly 11,000 BTC this week using proceeds from its perpetual preferred security Stretch (STRC).
Friday also marked the ex-dividend date for STRC, causing the security to dip slightly below its $100 par value, trading near $99.50.
Elsewhere in the sector, bitcoin miners pivoting toward artificial intelligence infrastructure, including IREN (IREN) and Cipher Digital (CIFR), opened slightly lower. Crypto exchange Coinbase (COIN), meanwhile, rose roughly 2%, outperforming the broader equity market.
