Bitcoin · U.S. Treasury · Japan · CoinDesk
Bitcoin stuck in a six-week range as global bond yields hit highest levels for decades
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Bitcoin BTC $64,453.62 is trading around $64,000, having lost 0.5% since midnight UTC.
Key facts
- Bitcoin BTC $64,453.62 is trading around $64,000, having lost 0.5% since midnight UTC
- The slide in bond prices, which move in the opposite direction to yields, came as the Nasdaq 100 index dropped 1.3% on Tuesday, its steepest single-session decline since early August, while the S&P
- The main driver of price action is the surge in global bond yields
- Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold
Summary
Bitcoin has traded between $61,500 and $66,900 since July 8, with implied volatility dropping to multi-year lows as traders chase larger payoffs elsewhere. Global bond yields surged to multi-decade highs on Tuesday, with the U.S. 30-year Treasury briefly hitting the highest level in nearly two decades, while Japanese, German and French long-dated yields also touched multi-year or multi-decade peaks as stocks dropped. The Federal Reserve releases minutes from its July 28-29 meeting today, at which policymakers held rates in a range of 3.5% to 3.75%. The main driver of price action is the surge in global bond yields.