How bond market helped push BTC to all-time high
Yesterday, the US government had a particularly hard time selling treasuries to fund its operations. That was great news for bitcoin (BTC) as risk-on investment pushed crypto markets to all-time highs. Surpassing $111,000 for the first time in its history, BTC benefited from one of the worst US bond auctions in recent memory. US Treasury Secretary Scott Bessent had to admit that the country’s 6.7% deficit-to-GDP ratio was its highest since the last war or recession. Incredibly, Moody’s downgraded US creditworthiness this month from its highest Aaa tier to Aa1. Extending a steep selloff in the multi-trillion dollar US Treasury bond market, yields on 30-year Treasury bonds stayed above 5% after a 20-year auction yesterday closed at an atrocious 5.047%. When I posted on Sunday that Bessent (inadvertently) told us to sell LT USTs, a lot of the comments were "You don't know what you're talking about" https://t.co/KvsVDq9dLL pic.twitter.com/TdNkrUajbr ...