Bitcoin Falls Below $64,000 as Bond Yields Rise

The yield on the 10-year U.S. Treasury bond rose to 4.71% from below 4% at the end of February, driven by rising oil prices and inflation concerns. Following attacks by Houthi militants on Saudi oil tankers, oil prices surpassed $90 per barrel for the first time since June 1. High oil prices could increase inflation and lead the Fed to keep interest rates elevated for a longer period. The Fed is expected to maintain interest rates at its meeting next week, but the first of two rate hikes by the end of 2026 could come in September with a 25 basis point increase. Rising bond yields are putting pressure on risk assets like Bitcoin. Additionally, technology stocks have also seen significant losses. Tesla lost 14.5% after its quarterly profit fell short of Wall Street expectations. Another pressure point for Bitcoin is the prolonged legislative process of the CLARITY Act. As the likelihood of the bill advancing diminishes, there are discussions that it may not be completed within 2026. Seven Democratic senators have stated that the bill falls short on ethical standards and market integrity issues.

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