Bitcoin's 43% Q3 Rally Strongest Since 2017 Amid High Treasury Yields
Bitcoin (BTC) surged by 43% in the third quarter of 2023, marking its best performance in a third quarter since 2017. This significant rally comes amidst a period of high U.S. Treasury yields, which have remained above 5% throughout the quarter.
Despite a sharp decline in expectations for a Federal Reserve interest-rate hike in October, dropping from over 75% to just 24%, elevated Treasury yields are seen as a potential obstacle to further Bitcoin gains. The strong performance of Bitcoin contrasts with the persistent high yields, which may limit the cryptocurrency's upward momentum.
Cointelegraph reported on October 5 that Bitcoin's third-quarter rise was its most substantial since 2017. However, the lingering impact of high Treasury yields could temper investor enthusiasm and cap additional gains in the near term.