Bitcoin, the leading cryptocurrency by market cap, fell to the lowest level since July 27 early Friday.Read MoreCoinDesk
The leading cryptocurrency by market cap fell to as low as $21,500, the least since July 27, according to CoinDesk data.
Bitcoin prices have recently climbed to almost $25,000 from $22,800 in hopes that inflation has peaked and the Federal Reserve will slow the pace of interest-rate increases in the U.S., as well as adopt looser monetary policies in 2023. Bond yields, however, have remained resilient in the wake of the Aug. 10 consumer price index (CPI) data, a signal that bitcoin traders might be wrong in making dovish assumptions.
The U.S. 10-year Treasury yield rose to 2.95% today, the highest since July 21, extending the rally from the post-CPI low of 2.63%.
The minutes of the July Federal Reserve’s meeting released Wednesday pushed back against the dovish expectations.
Early this week, ING analysts said the financial conditions would likely tighten heading into the Fed’s September meeting, implying renewed volatility in risk assets.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
MilkyBull, a well-known personality in the world of cryptocurrency analysis, has drawn attention lately for…
Leading international cross border bank, Standard Chartered has predicted steep price declines for Bitcoin, foreseeing…
Both equities and gold have been trading lower since reaching highs in mid-April, the report…
The latest price moves in bitcoin (BTC) and crypto markets in context for May 3,…
Post ContentRead MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Fidelity, a major financial services firm, says pension funds are starting to explore investing in Bitcoin, particularly…