Bitcoin Holds Steady at $66,000 as Investors Remain Cautious Over Delayed Interest Rate Cut

  • 2 months ago
Bitcoin held around $66,000 during Asian trading hours on Tuesday as traders reacted to rising US Treasury yields. Ether traded above $3,300. Higher Treasury yields typically spur outflows from risky assets as the risk-free rate increases. Prediction markets and the CME's Fed Watch tool show investors don't expect an interest rate cut until 2024. Over $245 million in long crypto futures positions were liquidated in a 24-hour period, and global crypto futures' open interest declined 10%, indicating leveraged longs were closed.