CRYPTO NEWS - Red Zone for the Market - Bitcoin Price Back at $23700 - More Flat Movement
CRYPTO NEWS - Red Zone for the Market - Bitcoin Price Back at $23700 - More Flat Movement
00:01 Intro
01:12 Crypto News Today
02:08 Bitcoin Today
03:15 Ethereum News
04:27 Bitcoin Technical Analysis
05:12 Bitcoin Price Prediction
08:43 Outro
Traders looking for an explanation for bitcoin's latest failure to stay above $24,000 may want to look at what the bond market is saying.
The yield on the U.S. 10-year Treasury note rose to a three-week high of 2.90% early today, extending the recovery from the low of 2.67% hit after Wednesday’s inflation data. The two-year yield held steady at around 3.20%, having put in a low of 3.08% on Wednesday, per data sourced from charting platform TradingView.
The continued rise in yields is perhaps a sign that traders of risk assets, including bitcoin, might be wrong to conclude that inflation in the U.S. has peaked and the Federal Reserve will probably slow liquidity tightening in the coming months.
"If Thursday's news meant it was time to celebrate victory over inflation, then the market response should have been straightforward," John Authers, Bloomberg's opinion columnist, said in an article published Friday. “Bond yields should fall, as the Fed would logically seem unlikely to keep rates either as high or as long as had been feared."
However, yields have risen, which means fixed-income investors expect higher interest rates and are selling their bonds. Bond prices and yields move in the opposite direction. Bitcoin is sensitive to the Fed policy and has taken a beating this year with the central bank embarking on its most aggressive tightening cycle in decades.
00:01 Intro
01:12 Crypto News Today
02:08 Bitcoin Today
03:15 Ethereum News
04:27 Bitcoin Technical Analysis
05:12 Bitcoin Price Prediction
08:43 Outro
Traders looking for an explanation for bitcoin's latest failure to stay above $24,000 may want to look at what the bond market is saying.
The yield on the U.S. 10-year Treasury note rose to a three-week high of 2.90% early today, extending the recovery from the low of 2.67% hit after Wednesday’s inflation data. The two-year yield held steady at around 3.20%, having put in a low of 3.08% on Wednesday, per data sourced from charting platform TradingView.
The continued rise in yields is perhaps a sign that traders of risk assets, including bitcoin, might be wrong to conclude that inflation in the U.S. has peaked and the Federal Reserve will probably slow liquidity tightening in the coming months.
"If Thursday's news meant it was time to celebrate victory over inflation, then the market response should have been straightforward," John Authers, Bloomberg's opinion columnist, said in an article published Friday. “Bond yields should fall, as the Fed would logically seem unlikely to keep rates either as high or as long as had been feared."
However, yields have risen, which means fixed-income investors expect higher interest rates and are selling their bonds. Bond prices and yields move in the opposite direction. Bitcoin is sensitive to the Fed policy and has taken a beating this year with the central bank embarking on its most aggressive tightening cycle in decades.
