Summary
- The surge in US Treasury yields and weak demand in the 20-year Treasury auction led to a downward trend in Bitcoin (BTC) prices.
- It was reported that some investors might have taken profits after the sharp rise in Bitcoin (BTC).
- Bitcoin (BTC) is trading slightly higher at $108,129.74 on the Binance Tether (USDT) market compared to the previous day.
According to cryptocurrency media outlet CoinDesk on the 21st (local time), the price of Bitcoin (BTC) showed a downward trend due to the surge in US Treasury yields.
Bitcoin reached an all-time high of $109,845 at one point but reversed its gains following news of weak demand in the 20-year Treasury auction. On the same day, the Nasdaq index also gave up its gains, falling by 1.5%.
In particular, the 30-year Treasury yield soared to 5.07%, marking the highest level in two years.
The media outlet explained, "Some investors may have taken profits after the sharp rise in BTC," adding, "Bitcoin has risen nearly 50% from its bottom just five weeks ago."
Meanwhile, BTC is trading at $108,129.74, up 1.51% from the previous day, based on the Binance Tether (USDT) market as of 04:38 on the 22nd.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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