According to BlockBeats, on January 8, Coindesk analyst James Van Straten said that 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 impossible to ignore.
The yield on the 10-year U.S. Treasury note, considered a global benchmark, rose to 4.70% as of Wednesday, close to multi-year highs, and has risen more than 100 basis points since the Federal Reserve first cut the federal funds rate in September.
The yield on 30-year UK government bonds rose to 5.35% on Wednesday, the highest level since 1998. Since the Fed's first rate cut in September, the yield has risen 105 basis points.