BITCOIN FALLS TO $76,000 RANGE AS 30-YEAR TREASURY YIELDS HIT 19-YEAR HIGH
Bitcoin has fallen to the $76,000 range on May 20 as U.S. Treasury yields surged to levels not seen since before the 2008 Global Financial Crisis . According to global crypto data platform CoinMarketCap, Bitcoin was trading in the $76,000 range at 10:05 a.m., down 0.55% from the previous day on a 24-hour basis. Over the past week, Bitcoin has dropped 4.95% .
The move appears to reflect growing expectations that the Federal Reserve may raise its benchmark interest rate as inflation concerns rise on high oil prices. On May 19 local time, the yield on 30-year U.S. Treasuries briefly reached 5.20% - the first time the 30-year yield had exceeded 5.20% in 19 years, since July 2007, just before the Global Financial Crisis .
The 'Crypto Fear and Greed Index' provided by CoinMarketCap stood at 38 on the day, indicating 'fear.' Bitcoin is trading in the 114 million won range on Korean won markets, with the Korea premium standing at -1.36% .