Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The U.S. Treasury recently announced a slower-than-expected pace of 10-year and 30-year bond sales, capping the upside in the 10-year yield, a positive outcome for cryptocurrencies and other assets.Unless you have been underwater for the past week, you have probably heard about bitcoin
But the latest Nov. 1 release was closely watched as markets feared the Treasury would step up the issuance of longer-dated bonds to handle the burgeoning debt load. Since then, the yield on the 10-year note has declined from 4.93% to 4.52%. It could drop further in the coming weeks, thanks to Treasury’s slower debt sales and hopes the Fed’s tightening cycle has ended. On Friday, the U.S. nonfarm payrolls data missed estimates, weakening the case for continued rate hikes by the Federal Reserve.Bitcoin has more than doubled this year, in line with its record of beginning new bull trends in 12 or more months leading up to the reward halving.
The recent conflict in the Middle East suggests the cold war between the U.S., China, and Russia is escalating,That could worsen economic issues, boosting demand for censorship and seizure-resistant assets like bitcoin.
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