Bitcoin's Q4 Start Marred by Stubborn Treasury Yields
Bitcoin has started the fourth quarter on a sour note, with stubborn Treasury yields weighing on the cryptocurrency. Despite a 43% surge in the third quarter, largely driven by optimism over U.S. regulatory approval, Bitcoin's gains were capped on Thursday.
The cryptocurrency initially slipped as surging U.S. Treasury yields outweighed a softer-than-expected inflation reading from Wednesday. However, the price rebounded after the data, with Bitcoin trading higher on Thursday. The Treasury yield on the 10-year bond fell 6.5 basis points to 5.246%, while the 2-year yield slipped 2.3 basis points to 5.616%.
The focus now turns to Friday's nonfarm payrolls report for further cues on the Fed's future interest rate actions. Meanwhile, a stablecoin backed by payments giants Visa, Mastercard, Stripe, and Coinbase has gone live. Open Standard's OpenUSD stablecoin is targeting banking, cross-border payments, card settlement, institutional trading, and lending.