Global Bond Market Turmoil Pulls Down Bitcoin and Gold

The global bond market is in turmoil as government yields surge due to fears of currency debasement. According to former UK Prime Minister Liz Truss, high debt levels are driving up bond yields, with the UK's 10-year gilt yield reaching 5.2% and the US 10-year Treasury yield climbing back above 4.8%. This has pulled down gold and Bitcoin from recent highs.

Treasury Secretary Bessent warned that digital-asset-related parties could face new sanctions tied to Iran, which may impact entities such as airlines, shipping companies, and digital assets.

Meanwhile, the cryptocurrency market saw mixed results, with Bitcoin holding near $77,577 but down 0.5% over the past 24 hours and down 1.3% for the week. Ethereum eased 0.2% to $2,398, while XRP slipped 1.7% to $1.36.

Farmmi stock surged 350% on Nasdaq due to speculative trading in a meme coin tied to the company's unofficial stock token FAMI, which briefly implied a $60 million valuation for Farmmi.