Crypto
Bitcoin Falls as Investors Rotate to US Stocks Amid Elevated Bond Yields
The BTC/USD pair has been under pressure in recent weeks, as investors appear to be shifting their focus towards US stocks. The Bitcoin price dropped to $63,043 on August 17th, its lowest level since August 3rd.
This decline can be attributed to the ongoing stock market rally, with top indices such as the S&P 500 and Dow Jones hitting new highs. Some of the most actively-traded stocks like SanDisk and Micron have also bounced back from their July lows.
Additionally, Bitcoin is struggling due to elevated US bond yields. The 30-year yield remains above 5%, while the 2-year and 10-year yields have jumped to over 4% this year.