Bitcoin Price and US 10-Year Treasury Yield: A Striking Negative Correlation Introduction: Over the past six months, Bitcoin price has exhibited a notable negative correlation with the US 10-Year Treasury Yield, reaching a correlation coefficient of -90.61%
Bitcoin Price and US 10-Year Treasury Yield: A Striking Negative Correlation
Introduction:
Over the past six months, Bitcoin price has exhibited a notable negative correlation with the US 10-Year Treasury Yield, reaching a correlation coefficient of -90.61%. On April 2nd, a significant spike in the 10-Year Yield to 4.3% triggered a correction in US equities, and Bitcoin's price plummeted by over 5% within 24 hours.
Negative Correlation:
Data from SoSo Value indicates a strong negative correlation between Bitcoin price and the US 10-Year Treasury Yield, with a coefficient of -90.61%. This suggests that when the Yield increases, Bitcoin price tends to decrease, and vice versa.
Recent Market Dynamics:
On April 2nd, the US 10-Year Treasury Yield witnessed a sharp surge to 4.3%, leading to a correction in US equity markets. Amidst this, Bitcoin's price suffered a decline of over 5% within a 24-hour period.
US Meme Stocks and Crypto Meme Sector:
Additionally, the US meme stock sector continued its steep correction. Within the crypto space, the Meme sector shed over 12% in 24 hours, underperforming all other crypto sectors. SocialFi sector, on the other hand, witnessed a relatively modest decline of 4.58%.
Conclusion:
The negative correlation between Bitcoin price and the US 10-Year Treasury Yield highlights their interconnectedness. The recent rise in the 10-Year Yield negatively impacted Bitcoin's price. Furthermore, the US meme stock and crypto meme sectors faced significant sell-offs.
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