Bitcoin Drops Alongside Tech Stocks as Bond Yields Rise
Bitcoin fell sharply on Monday and continued declining into the early Tuesday session as traders feared its excessive valuations after a 100 percent rise this year.
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Bitcoin has struggled to capitalize on its recent bull run above $61,000 as traders continue to assess the impact of rising US bond yields on the cryptocurrency market. And now, with markets anticipating further interest rate growth in the 10-year Treasury note, an overvalued BTC/USD exchange rate is clueless about where to head next. The […]
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....
Rising bond yields are a threat to prices of hedge assets, but bitcoin is soaring as gold falls.
Bitcoin wobbled between gains and losses on Wednesday as traders measured on-chain sell-off signals against the drop in the benchmark bond yields. The flagship cryptocurrency surged around 0.5 percent to $34,335 ahead of the New York opening bell. It was trading at $35,233 on Coinbase exchange at its intraday high, pointing to bullish attempts to […]
Bitcoin fell towards $53,000 on Tuesday as US stocks rallied, breaking away its tradition of tailing riskier assets even as bond yields and the US dollar dipped.