The post Here’s why Bitcoin is becoming an option for Wall Street veterans appeared on BitcoinEthereumNews.com.

U.S Treasury bonds’ 20-year performance was an eyesore, leading traditional assets players to look in Bitcoin’s direction BTC’s volatility decreased and long-term holders are not ready to back down Bitcoin’s [BTC] growth over the last few days may have gladdened the hearts of market players. However, according to IntoTheBlock, the king coin’s performance has also influenced the macroeconomic landscape, especially in the U.S. How much are 1,10,100 BTCs worth today? No bond can break the king coin IntoTheBlock, in a Medium post published on 20 October, specifically focused on the crash of U.S bonds. In the post, it also considered the effect on Bitcoin’s liquidity. U.S. bonds, popularly known as Treasury Bonds, are fixed rates of government debt securities offered to citizens with a maturity of 20 to 30 years. According to the crypto-market insight provider, bonds are witnessing their biggest sell-offs in their history right now. Also, the 20-year performance is at a 19.14% drawdown at the moment.  Source: IntoTheBlock As a result of the underwhelming performance of these securities, hundreds of billions of dollars are now in unrealized losses. Also, the U.S. debt profile climbed to $604 billion over the last month due to the depreciation of bonds. Concluding its take on the effect on the U.S economy, IntoTheBlock explained, “This creates structural problems for the economy since the rates the government pays on their debt continue rising along with the size of their debt.” Meanwhile, the loss of the bonds seems to be a gain for Bitcoin as Wall Street veterans who are mostly inclined to traditional assets are looking in the direction of the cryptocurrency. This was also evident in the digital asset investment report of 16 October. Earlier in the week, CoinShares reported that investment products around Bitcoin rose for the third consecutive week. This…

---

Filed under: News - @ October 21, 2023 10:18 pm