According to CoinMeta, today the yield on 30-year U.S. Treasury bonds broke through 5.4%, reaching the highest level since 2004. Four factors have driven this pressure: tensions in the Middle East and rising oil prices have sparked concerns about inflation; large government deficits have increased the supply of bonds; heavy borrowing for infrastructure has intensified competition for investors' capital; and strong wholesale inflation has raised expectations for the Federal Reserve to raise interest rates. Higher yields mean higher borrowing costs, more stringent conditions for stock valuations, and a reduced willingness to take risks with crypto assets.