Bitcoin derivatives data shows no ‘bottom’ in sight as traders avoid leveraged long positions

Bitcoin derivatives data shows no ‘bottom’ in sight as traders avoid leveraged long positions


Bitcoin (BTC) lost the $28,000 support on June 12 following worsening macroeconomic conditions. The United States Treasury 2-year note yield closed on June 10 at 3.10%, its highest level since December 2007. This shows that traders are demanding higher rates to hold their debt instruments and expect inflation to remain a persistent challenge.

Louis S. Barnes, a senior loan officer at Cherry Creek, stated that as the United States reported its highest inflation in 40 years, the mortgage-backed securities (MBS) markets had zero buyers. Barnes added:

“Stocks are down 2% today [June 10], but would be down a hell of a lot more if considering what a full-stop to housing will mean.”MicroStrategy and Celsius leverage use raised alarms

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Bitcoin’s sell-off is adding more pressure to the cryptocurrency

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