Bitcoin Trades Above $71,500 as Dollar Strength and Higher Yields Weigh on Stocks
Bitcoin climbed above $71,500 on Friday, continuing to outperform U.S. equities even as macro headwinds — including a stronger dollar, rising Treasury yields and elevated oil prices — kept pressure on traditional markets.
The largest cryptocurrency has remained relatively steady despite conditions that typically weigh on risk assets. A stronger U.S. dollar can tighten global financial conditions, often dampening demand for both equities and digital assets. At the same time, oil prices remain elevated, with Brent crude and West Texas Intermediate hovering near $100 per barrel, reinforcing concerns about inflation and the possibility of higher interest rates.
Higher borrowing costs generally reduce the appeal of speculative investments. Yet bitcoin has shown resilience, ranking among the better-performing macro assets since tensions in the Middle East intensified on March 1.
The cryptocurrency has also avoided a pattern seen in recent weeks, when Fridays often brought declines of around 3%. So far, that trend has not repeated.
Meanwhile, the U.S. Dollar Index (DXY) rose above 100, reaching its strongest level since late November as the greenback strengthened against major global currencies. Treasury yields also continued climbing, with the benchmark 10-year U.S. Treasury yield moving above 4.2%, signaling tighter financial conditions.
Equity markets, by comparison, struggled for direction. The Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100, was little changed during the session.
Among crypto-linked equities, Strategy (MSTR) — the largest publicly traded corporate holder of bitcoin — gained roughly 1% in pre-market trading after purchasing about 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 trade slightly below its $100 par value, near $99.50.
Elsewhere in the sector, bitcoin miners pivoting toward artificial intelligence infrastructure — including IREN (IREN) and Cipher Digital (CIFR) — opened modestly lower, while crypto exchange Coinbase (COIN) rose around 2%, outperforming the broader stock market.
