[코인시황] Bitcoin exceeded 59,000 dollars amid concerns about rising US Treasury yields

■ As of 11:15 am today, Bitcoin (BTC) was traded for about $58,943 each. This is an increase of about 2.66% in 24 hours.

■ Over the course of 24 hours, the price of bitcoin has gone between $56,273 and $59242.

■ Looking at the price chart, the Bitcoin price exceeded the 10-hour and 50-hour moving averages. Technical analysis suggests this is a sign of an uptrend.

Bitcoin was struggling to rise even further after breaking above $59,000 at the beginning of its opening yesterday.

While investors watched the possibility of falling US Treasury rates, some analysts warned that if interest rates continue to rise, the prices of risky assets such as bitcoin and stocks could fall.

The US 10-year Treasury bond rate was 1.74%. This is the highest level since January of last year, and it is interpreted that the announcement of the Federal Reserve System (Fed) that the zero interest rate policy will be maintained on the 17th has been affected.

LMAX’s Joel Kruger cryptocurrency strategist said, “If the US bond market continues to question the Fed’s policy direction to maintain zero interest rates, risky assets such as stocks and bitcoins will inevitably face downward pressure.” The bitcoin market is expected to grow even larger.” He added, “Considering that the price of bitcoin has risen rapidly this year, it is worth taking the risk.”

According to analysts at Cryptowatch under the cryptocurrency exchange Kraken, looking at the movement of the price chart, Bitcoin is currently It can be seen that it has reached an overbought state and is losing its upward momentum.

The Fed’s policy to maintain zero interest rates could theoretically help the price of bitcoin in the short term. Indeed, more and more investors are investing in Bitcoin as a means of hedge against inflation. Wall Street economists are also predicting that inflation will increase once the economy begins to recover as people go out freely thanks to the COVID-19 vaccine. But Rising U.S. Treasury yields could increase the selling pressure on Bitcoin along with traditional risky assets.

“If interest rates rise, investors can rethink their long-term stock investments, which can lead to mass sells,” Kruger said. “As the current situation shows, Bitcoin is not yet a fully mature asset, so traditional assets such as stocks and a large part of the risk sentiment are. Share. Therefore, if the current situation continues, Bitcoin will have no choice but to be affected.”

In the case of the bitcoin derivatives market, the size of the option pending contract has remained at $14 billion since the record high on the 17th.

Wirex chief trader Ybreno said, “The price of Bitcoin’s December futures contract is much higher than the current spot price,” he said. “This means that this week’s price hike is highly speculative.” .

“Bitcoin price rises in the short term, unless there is a significant event that could shake the market, such as the passage of a new law to support the issuance of the first ETF in the United States, or the emergence of new technologies that could make a big difference in the cryptocurrency industry. There doesn’t seem to be any fundamental element that could drive it.

Bitcoin deposited in DeFi, soaring 30%

Ether (ETH) traded at around $1836 each as of 11:15 am today, up 3% in 24 hours.

Altcoins tend to have large price fluctuations after bitcoin hits the highest price. This is because some investors and traders turn to altcoins when the bitcoin price is on the downside to generate higher returns.

Based on the price of CoinDesk20, Bitcoin has doubled this year, and Ether’s annual return has exceeded 140%.

It is also noteworthy that the size of bitcoins deposited in the DeFi protocol surged 30% in one day yesterday, reaching 33,578.

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