$BTC Evening report: Bitcoin at $73,413, about 0.7% below its UTC 00:00 open of $73,929, while the Nasdaq 100 rose about 2.3% today to 28,374 points.
Stocks are rising, but crypto isn’t following. This divergence is worth noting.
1) The 10-year U.S. Treasury yield rose to about 4.998%, nearing 5%, up from 4.84% a week ago.
2) The U.S. Dollar Index is at 102.9, up from 101.65 over the past week. The dollar and yields are rising together, putting considerable pressure on risk assets.
3) Gold fell back to about $3,948, while oil is around $86. Both safe-haven and inflation narratives are cooling.
My view: BTC currently seems more tied to interest rates than to the Nasdaq. Whether yields can stay below 5% will be the key variable over the next few days.
#BTC #Macro
Personal opinion. The author may hold assets mentioned in this post. This is not investment advice. DYOR.
Stocks are rising, but crypto isn’t following. This divergence is worth noting.
1) The 10-year U.S. Treasury yield rose to about 4.998%, nearing 5%, up from 4.84% a week ago.
2) The U.S. Dollar Index is at 102.9, up from 101.65 over the past week. The dollar and yields are rising together, putting considerable pressure on risk assets.
3) Gold fell back to about $3,948, while oil is around $86. Both safe-haven and inflation narratives are cooling.
My view: BTC currently seems more tied to interest rates than to the Nasdaq. Whether yields can stay below 5% will be the key variable over the next few days.
#BTC #Macro
Personal opinion. The author may hold assets mentioned in this post. This is not investment advice. DYOR.
