Analysts expect the U.S. economy to stage a strong recovery in the second half of this year as coronavirus vaccines are distributed and economic activity begins to increase. As growth picks up, inflation concerns are also on the rise. Speculation is rife that the U.S. Federal Reserve may have to adjust its dovish stance to hold down interest rates.
In anticipation, the 10-year U.S. Treasury yield has jumped from about 1% at the start of the year to 1.626%. This has resulted in profit-booking in assets considered as risky and as equities pullback, a temporary pause may be put on Bitcoin’s (BTC) rally.
Daily cryptocurrency market performance. Source: Coin360
The drop in investor sentiment has also hurt the stock prices of MicroStrategy and Tesla who have each invested in Bitcoin recently. MicroStrategy’s stock price has plunged by over 50% from its all-time high at $1,315, even though the price of Bitcoin is currently only down about 20% from its all-time high.
Tesla, which had announced a $1.5 billion Bitcoin position on Feb. 8 has also seen its stock priceTitle: Price analysis 3/5: BTC, ETH, ADA, BNB, DOT, XRP, UNI, LTC, LINK, BCH
Sourced From: cointelegraph.com/news/price-analysis-3-5-btc-eth-ada-bnb-dot-xrp-uni-ltc-link-bch
Published Date: Fri, 05 Mar 2021 21:04:27 +0000