CandleFocus

Crypto Prices Under Pressure From Global Rise in Yields

Summary: The rise in government bond yields across the globe, particularly in the US and UK, is impacting crypto markets. The benchmark US 10-year Treasury yield is nearing a multi-year high at 4.70%, while the UK's 30-year Gilt yield is at its highest level since 1998. Similar increases have been noted in Germany, Italy, and Japan. Despite rising yields not affecting crypto prices in the past months, recent price action has seen major cryptocurrencies like bitcoin plummet by over 10% from its record high. However, China is an exception as its yields are falling due to deflation concerns.

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