Bitcoin Price Holds Steady Amid Global Bond Yield Surge
Bitcoin has been quiet lately as traders are chasing '5x or 10x' payoffs elsewhere, according to CoinDesk. Meanwhile, Bitcoin miners have made an AI pivot that is paying off, but mining could revive with one twist.
The price of Bitcoin rose by 2.6% over the S&P 500's 0.5% fall in a rare win for the cryptocurrency. However, global bond yields surged as debt fears tested Bitcoin's hedge narrative, according to CoinDesk.
A $48 billion Bitcoin leverage trap is looming, which could trigger a massive forced exit once price boundaries break. Additionally, a Nasdaq-listed company diluted its shareholders 18-fold to survive a $212 million crypto loss without selling its stash of BTC.