As the Federal Reserve's (Fed) rate cut became uncertain due to the steep rise in U.S. Treasury yields, Bitcoin, a representative risky asset, fell to the $66,000 range.
As of 8:55 am on the 24th, Bitcoin was recorded at 92.43 million won on Upbit, a domestic virtual asset exchange, down 0.46% from the previous day. On Bithumb, it is being traded at 92.41 million won, up 0.54% from the previous day. On CoinMarketCap, a virtual asset market relay site, it was recorded at $66,681, down 0.98% from 24 hours ago.
At the same time, Ethereum was trading at 3.5 million won on Upbit, down 3.02% from the previous day, and at 3.5 million won on Bithumb, down 1.33% from 24 hours ago. On CoinMarketCap, it was trading at $2,523, down 3.63% from the previous day.
Bitcoin has been on the rise recently, with expectations of a friendly virtual asset policy ahead of the US presidential election. On the 20th, it rose to $69,400, coming close to breaking through $70,000. However, on this day (local time), Bitcoin plummeted again as government bond yields have recently surged.
The 10-year US Treasury yield is currently at 4.234%, up 2.8bp (1bp = 0.01%) from the previous day. It is the highest level since late July. As Treasury yields rise sharply, concerns are rising that the Federal Reserve, which determines the base interest rate, may delay its rate cut, dampening investor sentiment.
