Bitcoin (BTC) held near $77,000 on Wednesday as a selloff sweeps through global bond markets, putting the cryptocurrency's latest rally up against another bout of macro pressure.
Japan's benchmark 10-year government bond yield held above 3% for a second straight session after reaching the level for the first time since 1996 on Tuesday. U.S. and European yields also rose, while Brent crude climbed to above $95 as renewed U.S.-Iran hostilities fuel concerns over further disruption to energy supplies.
However, bitcoin's pullback from its local high has been limited so far. Joel Kruger, market strategist at LMAX Group, told The Block that its performance relative to equities and other risk-sensitive markets was encouraging. "Crypto continues to show its relative resilience against an increasingly difficult global backdrop," he said. "Dips continue to attract demand, reinforcing our view that the market is consolidating after its recent surge and allowing overbought technical readings to unwind."
BTC/USD price chart. Image: The Block.
A quieter derivatives market but strong ETP demand
