The Besant hearing comes at a time when the market is extremely sensitive to inflation and interest-rate hikes. The key question is how he will evaluate the current surge in bond yields and expectations for further rate increases.
📊 Key background: The market is under pressure
U.S. Treasury yields have broken above 5%, the highest level since 2007. The market broadly expects the Federal Reserve to raise rates soon, and U.S. gasoline prices are up more than $1 year over year, further stoking inflation concerns. While this hearing was supposed to focus on the international financial system, the market is paying more attention to how Besant addresses U.S. debt and interest-rate issues.
📉 Impact on three asset classes
Besant’s remarks will directly shape market expectations for rates and liquidity. The expected transmission path is as follows:
Bitcoin (BTC): Currently, ETH has fallen below $2,500, and Bitcoin is also moving in tandem with the decline in U.S. equities. If the hearing signals controlling the deficit and stabilizing the bond market, it could ease upward pressure on yields and benefit risk assets; conversely, if the comments lean toward fiscal expansion or tolerating high interest rates, yields could rise further, putting pressure on risk assets such as Bitcoin.
Ethereum (ETH): In addition to being suppressed by macro expectations for interest rates, Ethereum also faces news that U.S. prosecutors are seeking the forfeiture of Tether (USDT) funds related to Iran oil transactions. These factors together increase near-term downward pressure.
Gold: Spot gold has continued to decline recently and is currently around $4,273 per ounce. As expectations for further rate hikes intensify, the appeal of gold—an interest-free asset—may weaken. However, if the hearing triggers market concerns about fiscal sustainability, safe-haven demand could provide support for gold prices.
💡 Key takeaways
The core focus of this hearing is how Besant responds to the issue of the 10-year U.S. Treasury yield breaking 5%. Any statements about debt management or plans for Treasury repurchase agreements will become direct triggers for short-term fluctuations in gold and cryptocurrencies.$XAU $BTC $ETH #美联储加息是否已成定局 #贝森特支持CLARITY法案终稿
📊 Key background: The market is under pressure
U.S. Treasury yields have broken above 5%, the highest level since 2007. The market broadly expects the Federal Reserve to raise rates soon, and U.S. gasoline prices are up more than $1 year over year, further stoking inflation concerns. While this hearing was supposed to focus on the international financial system, the market is paying more attention to how Besant addresses U.S. debt and interest-rate issues.
📉 Impact on three asset classes
Besant’s remarks will directly shape market expectations for rates and liquidity. The expected transmission path is as follows:
Bitcoin (BTC): Currently, ETH has fallen below $2,500, and Bitcoin is also moving in tandem with the decline in U.S. equities. If the hearing signals controlling the deficit and stabilizing the bond market, it could ease upward pressure on yields and benefit risk assets; conversely, if the comments lean toward fiscal expansion or tolerating high interest rates, yields could rise further, putting pressure on risk assets such as Bitcoin.
Ethereum (ETH): In addition to being suppressed by macro expectations for interest rates, Ethereum also faces news that U.S. prosecutors are seeking the forfeiture of Tether (USDT) funds related to Iran oil transactions. These factors together increase near-term downward pressure.
Gold: Spot gold has continued to decline recently and is currently around $4,273 per ounce. As expectations for further rate hikes intensify, the appeal of gold—an interest-free asset—may weaken. However, if the hearing triggers market concerns about fiscal sustainability, safe-haven demand could provide support for gold prices.
💡 Key takeaways
The core focus of this hearing is how Besant responds to the issue of the 10-year U.S. Treasury yield breaking 5%. Any statements about debt management or plans for Treasury repurchase agreements will become direct triggers for short-term fluctuations in gold and cryptocurrencies.$XAU $BTC $ETH #美联储加息是否已成定局 #贝森特支持CLARITY法案终稿
