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Bitcoin remains rangebound as bond yields surge to multi-decade highs

Bitcoin has traded between $61,500 and $66,900 since July 8, while implied volatility has fallen to multi-year lows.

Reported · Written up by our desk · Market Structure

Bitcoin has stayed trapped in a tight $61,500 to $66,900 range since July 8 as global bond yields jumped to multi-decade highs, CoinDesk reports.

According to the outlet, volatility has dropped to multi-year lows, with traders appearing to seek larger payoffs elsewhere as the move in rates weighs on risk assets.

The story points to the U.S. 30-year Treasury briefly hitting 5.333%, its highest level in nearly two decades, alongside record peaks in long-dated yields in Japan, Germany, and France.

CoinDesk also notes that the Federal Reserve plans to release minutes from its July 28 to 29 meeting, where rates were held at 3.5% to 3.75%, with three dissenting votes for a hike, a catalyst traders are watching for more clarity on the interest-rate path.

Latest closeBitcoin $64,345.72 ▼0.5%

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