Bitcoin's price has dropped by 1.87% to around $27,591 due to a jump in bond yields, which has reduced demand for riskier investments. The recent launch of US exchange-traded funds based on Ether futures did not generate as much enthusiasm as their Bitcoin counterparts introduced in 2021.
The 10-year US Treasury yield is approaching levels not seen since 2007, reflecting a growing anticipation of a prolonged period of elevated interest rates by the Federal Reserve to combat inflation. Despite this, analysts are finding comfort in Bitcoin's historical seasonal trends, with October historically being a robust month for the cryptocurrency.
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