A crypto perfect storm? Bond yields, ETF news collide with bitcoin rally

Macro and macroeconomic conditions joined forces this week to create what appears to be a perfect storm for bitcoin’s price. 

The price of bitcoin surged above $34,000 Tuesday for the first time since May 2022 as US bond yields hit a 16-year high and ongoing optimism about the prospects of a bitcoin ETF continued to grow. 

Bitcoin (BTC) rallied nearly 14% in less than 24 hours between Monday and Tuesday, largely fueled, analysts say, by news that a spot bitcoin ETF may be here soon. 

The iShares Bitcoin Trust was listed on the Depository Trust and Clearing Corporation, which clears Nasdaq trades, on Monday, Bloomberg Intelligence ETF analyst Eric Balchunas announced, sending…

Read more on https://Blockworks

19K Reads