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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