BTC Breaks Above $84,000 Amid Bond Yield Drop
Bitcoin (BTC) has broken above $84,000, as US bond yields dropped after hitting new multidecade highs. The retreat in yields is attributed to concerns over public debt and rising inflation.
Data from TradingView showed BTC/USD preserving a pattern of higher lows on hourly time frames, up 0.6% on the day. This follows a decline in US bond yields, with the 10-year yield falling to 5.251%, down from its peak at 5.342%, the highest since April 2002.
According to former IMF deputy director Mahmood Pradhan, markets worldwide are 'very nervous' about mounting public debt, with rising yields increasing governments' interest costs.
Crypto analyst Benjamin Cowen attributed the bond market's revolt to the Fed's perceived lack of seriousness in tackling inflation. Until the Fed gains control over inflation, this trend is likely to continue.