#bitcoin#Write2Earrn Bitcoin hovers near $66,000, with the CoinDesk20 Index signaling broader market weakness.
Crypto futures rates and open interest have decreased, signaling a potential end to a two-month rally.
Bitcoin {{BTC}} held on to losses during the Asian trading hours on Tuesday, trading at around $66,000, as traders digested resurgent Treasury yields and the possibility that the Fed might delay rate cuts until later this year.
At the time of writing, ether {{ETH}} changed hands above $3,300, while the CoinDesk 20 (CD20) was down 0.6% to 2,532.
The yield on the 10-year Treasury note clocked a two-week high of 4.40% overnight due to persistent inflation and unexpectedly strong manufacturing activity. An uptick in the so-called risk-free rate typically spurs an outflow of money from risk assets and zero-yielding investments like gold. The yellow metal, however, remained resilient amid the weak tone in bitcoin and Wall Street’s tech-heavy index, Nasdaq.
“Bitcoin retraced down to $65,000, mostly attributed to the recent macro outlook on interest rates and rising Treasury yields,” Semir Gabeljic, director of capital formation at Pythagoras Investments, said in an email interview. “Higher interest rate environments typically tend to reduce investor appetite to risk.”
On Polymarket, bettors have ruled out a rate cut by May and are split 50-50 on whether one will happen in June. Most of the certain money is on it happening in the fall.#BinanceLaunchpool #WritingForIncome
