The price of bitcoin fell slightly on Thursday alongside U.S. equity futures as the benchmark 10-year Treasury yield topped 2% for the first time since 2019.
Bitcoin fell 1.7% to $43,937.64 around 9:53 a.m. ET, according to Coin Metrics. That was shortly after key inflation data showed hotter-than-expected price pressures, sending the 10-year yield higher.
At its high, the benchmark yield hit 2.001% on Thursday.
Tech stocks tend to fall as yields rise, as growth-oriented companies are more likely to give investors higher returns in the distant future rather than the near term.
Bitcoin has been trading like equities, and specifically like tech stocks, for several months as more institutional investors take an interest in the crypto as a risk asset. As a result, the cryptocurrency has been selling off in tandem with tech stocks, which declined sharply to start the year, despite a rebound in February.