Bitcoin gives back inflation gains as bond yields stay elevated
Bitcoin briefly rose above $85,000 on Wednesday after a personal consumption expenditures (PCE) report came in below expectations. However, the gains faded as Treasury bond yields remained near their highest levels since 2002, according to CoinDesk.
• Softer-than-expected inflation data supported a temporary rise in Bitcoin.
• Treasury yields did not fall in tandem with the report.
💧 Market impact and liquidity: Ongoing increases in bond yields may limit support for Bitcoin from inflation data; the available figures do not include numbers that document a shift in liquidity.
🎯 Most affected: Bitcoin
Source: CoinDesk
$BTC #Bitcoin #Crypto
Bitcoin briefly rose above $85,000 on Wednesday after a personal consumption expenditures (PCE) report came in below expectations. However, the gains faded as Treasury bond yields remained near their highest levels since 2002, according to CoinDesk.
• Softer-than-expected inflation data supported a temporary rise in Bitcoin.
• Treasury yields did not fall in tandem with the report.
💧 Market impact and liquidity: Ongoing increases in bond yields may limit support for Bitcoin from inflation data; the available figures do not include numbers that document a shift in liquidity.
🎯 Most affected: Bitcoin
Source: CoinDesk
$BTC #Bitcoin #Crypto