Bitcoin’s price has seen an over 4% dip in the past 24 hours, while Treasury yields keep rising. The U.S. Federal Reserve Chairman Gerome Powell noted that rising yields are increasing borrowing costs but has said the monetary policy of the central bank will remain, Decrypt reports.
According to MarketWatch.com, the 10-year Treasury note yield has increased to 1.541%, climbing 7.1 basis points. Decrypt says demand for credit is rising as people are looking forward to the easing of COVID-19 restrictions. The increase in Treasury yields led to a fall of stocks and bonds, especially tech companies’ stocks, and could signal inflation.
Bitcoin is trading at around $47,200 at the time of writing. Although the price dropped in the past 24 hours, the cryptocurrency is still trading higher than its seven-day low of $43,241. Apart from Bitcoin, Ethereum also fell by over 4%. Moreover, Litecoin’s price decreased by over 6%. At the same time, Binance Coin’s price fell by over 7% in the past 24 hours, as per CoinMarketCap.com data.
Amidst cryptocurrency price fluctuations, public figures continue expressing their opinions on Bitcoin. Mark Cuban in a recent Twitter exchange with Peter Schiff defended cryptocurrency when comparing it to gold. He said that crypto has more applications than this precious metal. In another story, Bill Gates commented on how the use of big amounts of electricity when mining Bitcoin is harmful to the environment.