ONDO Surges Amidst Bitcoin Stability and Soaring Treasury Yields
The US Treasury yield surged to 5.11% in response to September's flash composite PMI reading, which came in at 58.4 - its strongest level since July 2021.
This marked a significant increase from the previous benchmark, signaling economic momentum that could prompt central bankers to adopt a more hawkish approach.
Bond markets reacted accordingly, with investors seeking higher returns amidst growing inflation concerns.
Meanwhile, Bitcoin held its ground near $84,000, absorbing the macro turbulence without breaking down through established support levels.
The broader crypto market cap experienced 2-3% fluctuations during this period, while altcoins saw mixed results - except for ONDO, which emerged as a standout performer with gains despite flat or declining results elsewhere in the sector.