Asian Stocks Reel as Treasury Yields Soar, Bitcoin and Gold Shine

Asian stock markets struggled to stay afloat as US Treasury yields continued their upward climb. The 30-year yield reached 5.25% and the benchmark 10-year Treasury yield rose to 4.71%. This surge in interest rates is causing concern about US borrowing and fiscal conditions, with the federal deficit remaining above 6% of gross domestic product.

However, investors seem to be moving away from risk assets towards safer stores of value like Bitcoin and gold. Bitcoin traded near $74,300 after reaching $75,500, while gold held around $4,513 an ounce. The dollar index fell nearly 0.9% for the week and hovered near a three-month low.

JPMorgan's $5,000 gold target is getting closer to current prices, while VanEck strategists see Bitcoin's recent strength as evidence supporting its weaker-dollar hedge narrative. But can these assets continue to act as hedges if renewed Wall Street volatility causes investors to sell across multiple markets?