US Bond Buyback Disappointment Sends Bitcoin Price Tumbling
The price of Bitcoin has fallen to the $76,700 range due to a disappointing US Treasury bond buyback announcement. The Treasury's plan to repurchase 10- to 20-year Government Bonds fell short of market expectations, causing yields on Government Bonds to rise instead.
This development has weakened investor sentiment towards crypto assets. Bitcoin, which was trading at $76,732.36 as of 8:35 a.m. on the 11th, is down 1.88% from 24 hours earlier and 5.49% from a week ago.
Major altcoins are also experiencing weakness, with Ethereum falling 0.92% to $2,442.79, Ripple (XRP) dropping 3.92% to $1.33, Solana falling 2.48% to $99.04, and Binance Coin (BNB) declining 1.53% to $710.65 in transaction. Dogecoin also fell 3.29% to $0.08322.
The disappointing bond buyback announcement had been expected by some on Wall Street to reach $7 billion to $8 billion, but the actual amount was only up to $6 billion. This has led to a decline in investor confidence and a weakening of sentiment towards crypto assets.