U.S. government loses $116 million from early Bitcoin sales

U.S. Treasuries, Dollar Index Lower: Bitcoin Hits 16-Month High
Bitcoin hit a 16-month high, fueled by speculation that #etf was about to be approved, in stark contrast to the dollar's decline. Currently, #BTC is trading at $33,851.25, with a single-day increase of 10.16%. The U.S. Dollar Index fell to 105.51 as U.S. Treasury markets fell.
Bitcoin (BTC) maintains its top position in the cryptocurrency space, continuing to attract the attention of investors and enthusiasts. Speculation about the imminent approval of a Bitcoin ETF remains a major driver of Bitcoin prices.
On October 24, as the U.S. Treasury market unexpectedly fell, the U.S. dollar plummeted to a one-month low. Markets took a surprising turn on Monday after Federal Reserve Chairman Jerome Powell commented on the impact of U.S. Treasury yields on tighter financial conditions and weakening demand for rate hikes.
Although the 10-year Treasury yield exceeded 5% for the first time since 2007, it suddenly fell to 4.83%, seriously affecting the value of the dollar. The U.S. dollar index fell more than 0.5% to 105.51 and ended at 105.60.
In contrast, Bitcoin is on a positive trajectory,…
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