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Bitcoin pulls back after $72,000 rise as Treasury yields climb
U.S. 10-year yields rose 4 basis points to 4.69%, while bitcoin slipped to around $71,500 despite remaining up 11% on the day.
CoinDesk reported bitcoin eased from its $72,000 peak during Thursday trading, slipping to about $71,500 after an earlier high of $72,344. Even with the pullback, bitcoin was still up 11% on the day, following a breakout that cleared $72,000 in European hours and pushed market capitalization back above $1.4 trillion.
The move came as bond yields rebounded after a prior drop linked to Treasury activity. CoinDesk noted that the U.S. 10-year yield was up 4 basis points to 4.69% for the day, and the 30-year yield had climbed again, rising five basis points to 5.24% roughly 90 minutes ahead of the U.S. stock open.
CoinDesk also tied the shifting market backdrop to macro data and rate expectations. The Philadelphia Fed Manufacturing Business Outlook Survey jumped to 47.4 in August, while initial jobless claims fell to 206,000 last week from 212,000 previously, data described as conflicting with recent signals of labor market weakness.
CoinDesk said crypto was moving opposite to stocks, with U.S. equity futures struggling ahead of the open. The report attributed pressure in equities to higher bond yields and also mentioned Walmart shares slipping after results.
Latest closeBitcoin $71,707.39 ▲3.5%