The situation in financial markets remains tense. The rise in treasury yields in the US and Japan is putting pressure on Bitcoin, while gold aims for a new record.
US and Japan Treasury Yields Rise Raise Concerns
Recent increases in long-term treasury yields in both the US and Japan have raised investor concerns. The 30-year US Treasury yield has reached 5%, which may negatively impact demand for risk assets. Additionally, Japan's 30-year Government Bond yield has also hit record levels, now at 3.285%. Economist Peter Schiff predicted further rises in US rates. This creates added pressure on Bitcoin, as its price usually moves inversely to treasury yields.
Gold Price Hits New Record Above $3600
Gold continues to climb and has hit a new record, surpassing $3600. Amid rising market instability and concerns about a potential debt crisis, many investors are turning to gold. Analysts predict that gold could reach $4000. The correlation between gold and Bitcoin is gradually diminishing, highlighting the shift in investor interest.
Bitcoin's Outlook Amidst Uncertainty
Despite current economic conditions, Bitcoin remains in a consolidation phase, although its long-term outlook remains positive. Market participants are anticipating potential rate cuts from the Fed, which may provide a boost to the crypto market. Currently, Bitcoin's price is around $111K, showing an increase of nearly 1% over the past 24 hours. Investors continue to monitor US job figures and other economic indicators.
The rise in treasury yields poses challenges for Bitcoin, while gold stands out among risk assets. Bitcoin's future will depend on the Fed's decisions and upcoming economic data.
