Crypto Markets Analysis: Treasury yields hit 10-year highs, sounding a note of potential caution for risk markets, cryptocurrencies. GWilliamsJr_CMT reports
A mildly encouraging tick higher in initial jobless claims and alarming rise in Treasury yields failed to move bitcoin’s price much, continuing a months-long trend of BTC immunity to macroeconomic events.
To be sure, a number of major altcoins were recently down more than 5% over the past 24 hours amid the soaring yield increases. But bitcoin seemed likely to remain in the narrow range between the $29,000 and $29,500 spread that it’s largely held for the better part of two weeks. Bitcoin was currently trading just above $29,200.
Weaker labor markets are historically a prerequisite for lower interest rates, so the reading seems positive on the surface. However, that jobless claims are still near 2023 lows, and 40,000 lower than in June. Thursday’s reading followed an unexpectedly strong ADP jobs report that indicated the hot job market is far from ready to cool. Friday’s full Non-Farm Payrolls report may offer more clarity on the employment market’s direction.The yield on 10-year U.S.
This would likely result in improved overall sentiment about the U.S. economy. Risk assets such as equities, commodities and cryptocurrencies would benefit.
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