Bitcoin Retreats as Investors Shift to US Treasury Bonds
Date: 2023-10-05 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Bitcoin, the leading cryptocurrency, had been making a strong comeback earlier this week, briefly surpassing the $28,500 mark. This upward movement followed renewed optimism among traders after the launch of Ethereum-based crypto ETF futures.
By the time of this review's publication, BTC was trading at around $27,600, while Ethereum (ETH) dipped to $1,640, and Binance Coin (BNB) fell to $212.
The middle of this week saw the highest yields on US Treasury bonds since 2007, as reported by Bloomberg. Simultaneously, there was increased pressure on both stock markets and digital currencies.
In the past year, the primary cryptocurrency has recorded a 67% increase in value. However, it still remains below the record highs set in the fall of 2021, around $69,000.
According to Kaiko, approximately 70% of Bitcoin's trading volume occurs on US cryptocurrency exchanges.
Analysts like Mike McGlone believe that BTC will face significant pressure in the coming months, as US authorities tighten regulations on the crypto industry.
