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The selloff in %Cryptocurrency markets is accelerating as government bond yields around the world spike, pressuring risk assets such as stocks and digital tokens.

The benchmark U.S. 10-year Treasury yield has risen to 4.70%, a multi-year high and up more than 100-basis points since the U.S. Federal Reserve first cut interest rates last September.

The current situation has been compounded by action in the United Kingdom, where the 30-year Gilt yield has risen to 5.35%, its highest level since 1998.

The yield on the Gilt is now up 105-basis points since the Fed's first rate cut.

Bond yields are also spiking in Germany, Italy and Japan. In Japan, the country’s benchmark 10-year bond yield is now at its highest level in nearly 15 years.

The rising bond yields are pressuring riskier assets such as crypto, with Bitcoin’s price down more than 10% from its record high $108,000 U.S. set only three weeks ago.

Several other cryptocurrencies are also seeing their prices fall steeply, with %Ethereum (CRYPTO: $ETH ), %Solana (CRYPTO: $SOL ), and %Cardano (CRYPTO: $ADA ) each down about 10% over the past week.

Bond yields are rising on fears of renewed inflation and trade wars under the administration of incoming U.S. president-elect Donald Trump.

In recent days, Trump has doubled down on his threats to impose tariffs of 25% or higher on U.S. allies, seize control of Greenland using military force, and take back the Panama Canal.

Those comments have ratcheted up concerns among governments and markets around the world.