Bond Yield Decline Fails to Boost Cryptocurrency Sentiment
Cryptocurrencies are experiencing hesitation despite a decline in bond yields and a decrease in Federal Reserve rate hike bets. The data released on Wednesday morning showed private businesses in the US adding fewer jobs than expected, with a net gain of 38 thousand jobs in August compared to an upwardly revised 46 thousand in July.
The lower-than-expected job growth led to a decline in bond yields across all tenors, with thirty-year bonds dropping 0.08 percent and ten-year bonds easing 0.10 percent. Five-year and two-year bond yields also declined by 0.11 percent and 0.14 percent, respectively.
The decrease in Fed rate hike bets saw the CME FedWatch tool show a likelihood of a quarter-percentage rate hike on September 16 at 66.2 percent, down from 67.2 percent the previous day.