Bitcoin traded relatively steadily on Friday under pressure from rising Treasury yields,
while cryptocurrency markets also monitored the aftermath of a major hack targeting the Bitget exchange.
The world's largest cryptocurrency fell 0.1% to $84,081.6 by 16:42 Moscow time, though it posted a 3.5% gain for the week.
The broader cryptocurrency market traded sideways but maintained weekly gains driven by optimism regarding favorable US regulation, which had sparked a sustained rally across the sector.
Bitget hit by $352 million hack
Cryptocurrency exchange Bitget suspended customer withdrawals after approximately $351.6 million in cryptocurrency was stolen in a hack, although the company stated that all user funds remain safe.
The exchange detected "unauthorized transfers" from several of its wallets on Thursday, prompting it to temporarily halt withdrawals, CEO Gracy Chen said in a statement posted on X (formerly Twitter).
Chen stated that the losses would be covered by Bitget's own funds, adding that customer assets were not affected.
Chen reported that investigators found a link between the hack and a North Korean hacking group, although the identities of the perpetrators have not yet been established.
The company detected unauthorized transfers from certain wallets on Thursday afternoon. Affected assets included Ether, XRP, USDT, and USDC. Both hot and cold wallets were compromised during the hack. This hack marks the largest crypto incident by value in 2026.
Bitcoin started the week on strong footing but saw its gains sharply curtailed following a surge in government bond yields.
Yields on 10-year US Treasury bonds jumped to levels not seen since 2007 this week, fueling concerns about interest rate hikes and rapidly tightening liquidity conditions. Bond yields rose globally in response.
The spike in yields followed a series of hawkish warnings from Federal Reserve officials, who stated that persistent inflation would likely lead to further rate hikes by the Fed, following last week's 25-basis-point increase.
Higher interest rates weigh on cryptocurrencies, as they reduce the appeal of investing in volatile, speculative assets that offer no fixed yield.
Cryptocurrency prices today: Altcoins on the rise
On Friday, the broader cryptocurrency market outperformed Bitcoin, ending the week in positive territory.
Ether, the world's second-largest cryptocurrency, rose 1.1% to $2,699.36, while XRP jumped approximately 6%.
Solana gained 4%, Cardano rose 5.8%, and BNB traded flat.
Among memecoins, Dogecoin and $TRUMP rose 4% and 3.5%, respectively.