Bitcoin Back Down to $66K as Rising Treasury Yields Catch Investor Interest

  • 📰 CoinDesk
  • ⏱ Reading Time:
  • 82 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 36%
  • Publisher: 63%

United States Headlines News

United States Latest News,United States Headlines

Prediction markets and CME's Fed Watch Tool have virtually ruled out a rate cut until later this year

held on to losses during the Asian trading hours on Tuesday, trading at around $66,000, as traders digested resurgent Treasury yields and the possibility that the Fed might delay rate cuts until later this year.

The yield on the 10-year Treasury note clocked a two-week high of 4.40% overnight due to persistent inflation and unexpectedly strong manufacturing activity. An uptick in the so-called risk-free rate typically spurs an outflow of money from risk assets and zero-yielding investments like gold. The yellow metal, however, remained resilient amid the weak tone in bitcoin and Wall Street’s tech-heavy index, Nasdaq.

“Bitcoin retraced down to $65,000, mostly attributed to the recent macro outlook on interest rates and rising Treasury yields,” Semir Gabeljic, director of capital formation at Pythagoras Investments, said in an email interview. “Higher interest rate environments typically tend to reduce investor appetite to risk.”, bettors have ruled out a rate cut by May and are split 50-50 on whether one will happen in June. Most of the certain money is on it happening in the fall.

“Perpetual futures funding rates for most crypto assets are back to 1bps, and global futures open interest decreased by 10 percent overnight, indicating some leveraged long positions are closed,” Jun-Young Heo, a Derivatives Trader at Singapore-baed Presto, added. “As recent bitcoin ETF inflows are stagnating and BTC and ETH market prices came below the 20-day moving average, some trend followers would have regarded yesterday’s downturn as the end of a two-month-long rally,” he a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.


Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 291. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin Tops $66K as Open Interest Hit Record High; Bullish News From Pepecoin and NodeMonkes'CoinDesk Daily' host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as bitcoin (BTC) crossed the $66,000 mark, inching closer to its lifetime peak of $69,000 set in November 2021. This comes as the value of bullish bets rose to a record-high of $27 billion, according to data from Coinglass.
Source: CoinDesk - 🏆 291. / 63 Read more »

This Happened on Coinbase’s Bitcoin Premium Index Before BTC Plunged to $66KCrypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Bitcoin & Bitcoin Cash Among Top Crypto Gainers as Crypto Prices Pump: What About Green Bitcoin?Crypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Bitcoin Tests $66K as Analysts Expect More Volatility Before CalmThe market might take a breather this weekend, says Singapore's QCP Capital.
Source: CoinDesk - 🏆 291. / 63 Read more »

Bitcoin Struggles at $66K; Ripple’s XRP Defies Bearish Momentum (Market Watch)Crypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Key Reasons Why Bitcoin (BTC) Just Collapsed to $66KGBTC outflows and lower rate cut odds appear to be the key reasons behind Bitcoin's ongoing crash
Source: Utoday_en - 🏆 295. / 63 Read more »