Bitcoin Hovers Near $71,000 Amid Rising US Treasury Yields
Digital asset hits lowest level since August as ten-year yields top 5% following corporate and geopolitical news
Bitcoin prices traded near $71,200 on Thursday night. The asset reached a low of $71,000 during the session, marking its lowest point since August 20.
This movement occurs amid pressure across global markets. The ten-year US Treasury yield held above 5%, reaching 5.105% following statements regarding United States foreign policy.
The stock market also saw declines. The Nasdaq Composite index fell 0.39% and the S&P 500 dropped 0.35%. Nvidia shares declined 4.3% following the announcement of CEO Jensen Huang's departure from the company.
Companies linked to the crypto sector faced a day of sharp losses. MicroStrategy ended the trading session down 6.5% and BlackRock's iShares Bitcoin Trust fell 4.5% by the closing bell.
The rise in government bond yields reflects market expectations regarding new monetary policy adjustments by the Federal Reserve. The US government also reported a fiscal deficit of $404 billion for the month of October.
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