Bitcoin slid under $64,000 on Friday as a sharp surge in US bond yields pushed up expectations for a Federal Reserve rate hike. The move triggered fresh selling pressure across crypto markets, but Binance's internal 'plunge protection team' quickly stepped in with buy-side liquidity to keep the drop from turning into a rout.
Why bond yields rattled crypto
The 10-year Treasury yield jumped this week, crossing levels that historically have made risk assets less attractive. Traders are now pricing in a higher probability that the Fed will raise rates at its next meeting, a scenario that tends to pull capital out of speculative markets like crypto. Bitcoin wasn't alone — major altcoins also took a hit, though BTC's decline below $64,000 was the headline number.
Binance's buy-wall response
Binance's so-called 'plunge protection team' — a group that deploys the exchange's own capital to stabilize prices during sharp selloffs — reemerged with bid liquidity as BTC approached the $63,000 level. The team's intervention helped slow the descent and briefly pushed prices back above $64,000. It's not the first time Binance has used this tool; the exchange has historically stepped in during flash crashes and liquidity gaps.
The immediate question is whether the Fed's next move will keep pressure on risk assets. With bond yields still climbing and rate hike odds rising, Bitcoin's path of least resistance may stay lower until the central bank's decision is out. For now, the $63,000 area is the key support to watch — and Binance's willingness to defend it again if needed.
