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Rising US interest rates may be behind Bitcoin’s fall
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THE Bitcoin (BTC) price fell again this Wednesday morning (08) and reached US$95,700, its lowest value of the year. This drop occurred after the cryptocurrency reached US$102,000 last weekend and may have to do with the rising interest rates in the United States.
Yes, Fed-controlled policy rates are falling and the The forecast is that there will be more of the cuts in 2025. However, Treasury yields on other yield curves are not in the Fed’s hands. And these rates, like the 10-year Treasury, have risen to 4.1% in recent days.
As a result of falling bond prices caused by high interest rates, stock indexes also fell. THE Nasdaq Composite, for example, there was a drop in almost 2% on Tuesday, while the S&P 500 fell 1.1%.
In addition to Bitcoin, all cryptocurrencies fell hardreinforcing the positive correlation between the two sectors. THE Ethereum (ETH) fell by almost 8%, the XRP fell 6% and the Solana fell nearly 10% in the 24-hour window.
The Bitcoin odyssey
Initially, the price of Bitcoin gained strength on Sunday (05) after holding steady on Friday and Saturday around $98,000, rising to over $102,500 on Tuesday morning.
This was probably a result of blockchain market enthusiasm for the upcoming pro-cryptocurrency Republican Congress. US delegates to the 119th Congress took their oaths of office on Monday after meeting in Washington DC
With the confirmation of Donald Trump’s victorythis appreciation was reinforced and the Bitcoin is back above US$100,000. But after the “Trump effect”, the impact of the reality of the data once again brought down the price of BTC.
Ripple Labs CEO Brad Garlinghouse recently hailed the 119th Congress as “the most pro-crypto Congress in history.” But on Tuesday (07), the euphoria of the market on the new regime in Washington disappeared quicklyas a rise in US Treasury bond yields drove down prices of risky assets across the board.
The Nasdaq Composite focused heavily on the technology sector, fell more than 2.5% before markets close on Tuesday. By the end of the day, the index had fallen almost 2%.
Additionally, the United States’ Institute for Supply Management published new data on Tuesday, indicating a faster growth in December than analysts expected. That is, the country’s economy remains strong and generating jobs at a higher-than-expected pace.
Rising US interest rates may be behind Bitcoin’s fall
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Rising US interest rates may be behind Bitcoin’s fall
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Rising US interest rates may be behind Bitcoin’s fall
