The US 10-year Treasury yield hit 5.35% on Wednesday, its highest level since 2002, triggering a wave of selling across financial markets. Gold dropped to $4,066 per ounce, a two-month low, while silver fell to $59.77, down 2.6%. Bitcoin also retreated below $84,000 with $547 million in crypto liquidations over 24 hours. This rate rise makes non-yielding assets like precious metals and Bitcoin less attractive compared to US government bonds offering over 5% risk-free returns.
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