Surging US Treasury Yields Add to Crypto Market's Pain
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Federal Reserve Chair Jerome Powell indicates that interest rate cuts might be postponed due to ongoing high inflation rates. U.S. inflation data has exceeded expectations for the third consecutive month, undermining policymakers' confidence. Powell suggests maintaining higher interest rates until there is more evident progress towards the 2% inflation target. The reassessment of the rate cut timeline has led to an increase in Treasury yields, with the two-year note yield briefly surpassing 5%. Recent labor market reports and retail sales figures have exceeded expectations, underscoring the robustness of the U.S. economy. Bitcoin is currently trading at $60,724, down 2.9% in the past 24 hours. The recent slowing down of flows into US-listed spot Bitcoin ETFs is a concern for Bitcoin. High yields on US Treasury notes are not good news for risk-on assets like cryptocurrencies.

#UsEconomy #FederalReserve #Inflation #Bitcoin #Cryptocurrency

https://www.cryptoglobe.com/latest/2024/04/bitcoin-price-falls-as-fed-chair-powell-expresses-caution-on-rate-cuts/ 

 "Interesting developments in the US economy impacting both traditional and crypto markets. It will be important to monitor how these factors continue to play out. #EconomicIndicators #Bitcoin #FederalReserve"