- **Volatility of Fiat #Currencies in Distressed Nations**: Despite the volatility of fiat currencies in distressed nations like Russia and Argentina, perceived safe-haven assets like bitcoin and gold are struggling to gain traction.

- **Depreciation of Russian #Ruble and Argentinian Peso**: The Russian ruble and Argentinian peso have experienced significant depreciation, indicating potential weaknesses in global financial markets. The Russian ruble reached its lowest value since March 2022, while the Argentinian peso has fallen by 98% this year.

- **Bitcoin's Stagnation**: Bitcoin, often considered digital #gold due to its limited supply, has remained stagnant above $29,000, extending its multi-week period of little movement.

- **Gold's Decline**: Gold, a traditional #safe-haven asset, reached a seven-week low of $1,896 per ounce, suggesting a lack of significant demand.

- **Impact of Rising U.S. Government Bond Yields**: The increasing yields on nominal and inflation-adjusted U.S. government bonds, along with the rise in the dollar index, may be hindering the rally of both bitcoin and gold.

- **Reduced Appeal of Safe-Haven Assets**: The rise in the real yield on the U.S. 10-year note to 1.83%, the highest since 2009, is making zero-yielding #assets like gold and bitcoin less attractive as investments.

- **Potential Broader Market Implications**: The continuation of rising yields could potentially reveal further weaknesses in broader financial markets, according to Derek Halpenny, the head of research for global markets EMEA and international securities.

$BTC $ETH $BNB