Bitcoin Tumbles as US Bond Yields Reach New 20-Year Highs
Bitcoin's price has been volatile as it neared a monthly close, amidst rising US bond yields that reached new 20-year highs. The 30-year yield, in particular, hit 5.269% on Monday, just six basis points shy of its highest levels since January 2007.
The development comes after the US Treasury Secretary, Scott Bessent, hinted at further interventions in the bond market in an interview with CNBC. However, he emphasized that he had not yet acted to shore up the long end of the yield curve, specifically 10-year and 30-year bonds. 'I haven't bought anything yet,' he said.
Ray Dalio has expressed skepticism about the Treasury's ability to control bond yields, even under its new program. He warned that a US debt crisis is possible in the future and named both Bitcoin and gold as potential hedges.