Analyst: Rising Global Treasury Yields May Prevent Cryptocurrencies From Rising Further
The cryptocurrency market has been in a bull market since the end of 2024, but the trend of rising global government bond yields seems to have become too much to ignore, says analyst James Van Straten. The yield on the 10-year U.S. Treasury note, considered the benchmark for global standards, had risen to 4.70 percent as of Wednesday, near a multi-year high, and has risen more than 100 basis points since the Federal Reserve first cut the federal funds rate in September. And the yield on 30-year U.K. government bonds rose to 5.35 percent on Wednesday, the highest level since 1998. The yield has risen 105 basis points since September, when the Fed first cut interest rates.
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