Bitcoin's July gains may be fleeting as U.S. demand stays weak
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Key facts
- The 10-year rose to a 30-year high early today, lifting borrowing costs in the U.S., U.K. and Germany
- It added that a decisive reclaim of the $64,000 price level this week would provide a further boost to market sentiment, while helping ease concerns about the publicly traded bitcoin-holder Strategy
- Bitcoin BTC $ 63,044.71 fell on Tuesday after chalking out a six-day winning streak, the longest since March
- The most widely followed is the Coinbase Premium, which tracks the difference between bitcoin's price on U.S.-based exchange Coinbase (COIN) and Binance
Summary
Bitcoin BTC $ 63,044.71 fell on Tuesday after chalking out a six-day winning streak, the longest since March. The most widely followed is the Coinbase Premium, which tracks the difference between bitcoin's price on U.S.-based exchange Coinbase (COIN) and Binance. That means for close to two months, BTC has been cheaper on Coinbase than Binance, which doesn't operate in the U.S. The discrepancy is an indicator of relatively weak demand in the world's largest economy, a message underscored by the eight straight weeks of net outflows from U.S. spot exchange-traded funds. Another concerning trend is seen in Japan, where bond yields can't stop rising.