Bitcoin Near $77K as Yields Spike, Canaan Loses $88.7M, Ledn Eyes $1T Loans

Bitcoin News

Bitcoin mining hardware maker Canaan saw its shares slide more than 13% after the firm reported an $88.7 million first-quarter net loss, its second straight unprofitable period. Revenue contracted 68% quarter-over-quarter to $62.7 million as the company completed deliveries on a major United States order. The stock pushed back toward an all-time low of $0.38 hit last month, reflecting investor frustration with the broader miner squeeze tied to depressed Bitcoin hash-price economics. Chief executive Nangeng Zhang told analysts that volatile energy prices, regional geopolitical risk, and policy uncertainty had created sustained operational pressure for a business already navigating a strategic transition.

Behind the headline loss, Canaan accelerated its push beyond mining hardware. The Singapore-based firm trimmed quarterly operating expenses to $31.4 million, cutting staffing costs to preserve what management described as survivability. Zhang flagged high-performance computing and artificial intelligence infrastructure as the firm's next growth pillar, echoing similar moves by IREN, Hive Digital Technologies, and Keel Infrastructure. Those rivals have built dedicated data-center capacity to absorb soaring AI compute demand. Canaan's product arm contributed $42.9 million in revenue, while management signaled that future quarters would emphasize chips and infrastructure designed for workloads beyond the proof-of-work consensus mechanism.

Bitcoin consolidated near month-to-date lows on Tuesday as a sharp rise in long-dated United States bond yields rattled global risk assets. BTC/USD hovered just below $77,000 around the Wall Street open, defending the prior session's floor as traders weighed mounting macro pressure. The 30-year Treasury yield climbed to its highest level since July 2007, reflecting demand for greater compensation on longer-dated debt amid war-driven energy inflation and ballooning federal deficits. Analysts described the level as a crucial line of support for spot Bitcoin, warning that a decisive break could expose the asset to deeper bear-market drawdowns toward the early-spring lows seen across March.

The same wave of bond stress pushed traditional safe havens lower. Spot gold dropped beneath $4,500 to mark its weakest reading since late March, while silver also slid. Commodity strategists framed the move as the market repricing both inflation expectations and central bank policy paths in tandem. News that the United States administration had pulled back planned strikes on Iran offered little relief, with Donald Trump warning gulf partners to prepare for a full, large-scale assault should diplomatic efforts collapse. Crude prices remained elevated, reinforcing the energy-driven inflation narrative pressuring nominal yields and crimping rate-cut expectations across cycles.

A separate market call captured longer-horizon optimism: Bitcoin-collateralized lending could expand from roughly $3 billion today to $1 trillion within a decade, according to fresh research from Ledn. The firm's study, conducted with consumer-insights house Protocol Theory, surveyed 1,244 cryptocurrency holders across the United States and Australia. The headline data point was a 74-percentage-point conviction gap — 88% of respondents said they would consider borrowing against digital assets, but only 14% have ever actually done so. Co-founder Mauricio Di Bartolomeo argued that demand is effectively resolved, while trust infrastructure for custody, liquidation mechanics, and platform reputation still lags behind the broader DeFi credit story.

That trust layer is beginning to harden. Ledn closed what it characterized as the first investment-grade Bitcoin-collateralized asset-backed security in February 2026, a $200 million transaction whose senior tranche carries a BBB- rating from S&P Global. Those notes have traded roughly 5% tighter on yield since issuance, an early signal that institutional buyers are comfortable underwriting the underlying credit. Survey respondents repeatedly ranked risk-management practices and clear loan terms above interest rate as their top criteria when assessing a platform, pointing to platform reputation, regulatory clarity, and transparent liquidation policies as the gating factors for broader retail adoption.

Spot Bitcoin trades around $76,590, with momentum sitting in neutral-bearish territory: the relative strength index near 44 leaves room to fall before reaching oversold conditions, while the MACD remains bearish and the broader trend stays sideways. Immediate support clusters at $75,997, with a sterner test at $74,713 below that. The bullish scenario rests on defending $75,997 and reclaiming $76,760, which would re-open the path toward $78,031 and the psychological $79,400 zone on solid volume. A daily close beneath $74,713 would invalidate that view and expose the $72,673 shelf as the next defensive floor.