Big Tech sell-off and rising Treasury yield pin Bitcoin price below $50K
A sharp spike in the 10-year U.S. Treasury yield and an extended Big Tech sell-off is weighing on cryptocurrency prices as investors flee risk-on assets. Bitcoin (BTC) continues to struggle below $50,000 on March 5 as a spike in the 10-year Treasury yield to 1.62%, its highest level in over a year, has taken a toll on global financial markets and hit risk-assets especially hard. At the time of writing the S&P 500 and Dow are up 0.46% and 0.64% but the tech sector sell off continues as companies like Apple and Tesla continue to slump further. Economists see rising bond yields as the result....
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Bitcoin sees weakening momentum as the U.S. dollar recovers and Treasury yields rise. The price of Bitcoin (BTC) is struggling to break past $51,000 on March 8 as the U.S. Treasury yield is rising again, while the U.S. Dollar Index (DXY) is at the highest levels in over three months.The global stock market, including equities in the United States and Asia, has pulled back in tandem as the U.S. Senate's stimulus approval has sparked inflation fears.BTC (orange) vs. DXY (green) vs. Treasury yield (blue). Source: TradingviewWhy is Bitcoin dropping off of inflation fears?As Welt market analyst....
The price of gold has also been stagnating, but this isn't necessarily bad for "digital gold" Bitcoin. This week's correction in the price of Bitcoin (BTC) showed that a market doesn’t go up in a straight line. Meanwhile, another topic has been gaining attention, namely the big rise in the 10-year yields of United States government bonds. In recent weeks, the 10-year Treasury yield of U.S. government bonds has surged 35% to a new high of 1.44%, the highest point since the cross-asset crash in March 2020.Treasury yield bounces from a 60-year lowU.S. 10-year yield 1-week candle chart.....
BTC dropped below $56,000 on Sunday as several bearish signs emerged. The price of Bitcoin (BTC) dipped below $56,000 on March 21 after repeated rejections by the $60,000 resistance level throughout the past four days.BTC/USD 1-hour candle chart. Source: TradingviewDespite getting closer to cleanly breaching past the key technical level, Bitcoin has been showing weakness in the $59,000 to $60,500 range.There are three major reasons behind the stagnation: the rise in Treasury yields, bearish movements on Bitfinex, and the struggle of the risk-on market.High U.S. Treasury yields cause....
Key Bitcoin Takeaways Bitcoin sell-off accelerated ahead of the US session as US 10-year Treasury yields hit a fresh 13-month peak. The cryptocurrency’s latest decline appeared ahead of the Federal Open Market Committee’s two-day policy meeting conclusion. Economists believe that the Fed Chairman Jerome Powell would maintain easy-money policies while ignoring intervention in the rising […]
Bitcoin price takes aim at a new all-time high as traders push BTC back above $57,000 and institutions increase their exposure to cryptocurrency. Within the last hour, Bitcoin (BTC) price surged to $57,100, a level not seen since Feb. 20 when BTC price made a new all-time high at $58,352. The bullish breakout signals that investor sentiment has shifted back in favor of bulls and it increases the likelihood that BTC will attempt a run at the $60,000 level.Data from Cointelegraph Markets and TradingView shows that Bitcoin bounced off a low of $52,998 in the early morning hours and proceeded....