Treasury yields at 5% threaten extending Bitcoin’s best quarter since 2017
Summary
Bitcoin gained 43% in the third quarter and briefly topped $87,000, but Delphi Digital says Treasury yields above 5% create resistance by making safer investments more attractive. Bitcoin has also benefited from interest in hedging against government deficits and currency debasement. Weaker-than-expected US jobs growth—29,000 jobs added in September versus forecasts of 80,000—reduced expectations of another near-term Fed rate hike. CME FedWatch put the odds of an October increase at about 24%, down from over 75% a week earlier.
