Bitcoin' rebound cancelled as U.S. stocks fall, gold surges, amid mounting macro risks
Bitcoin dropped below $66,000 as macro risks, including hot inflation data and geopolitical tensions, spooked investors away from risk assets.Summary
Bitcoin's recent rebound was cancelled as the cryptocurrency fell back below $66,000, erasing most of Wednesday's surge due to mounting macro risks. The broader market, including the CoinDesk 20 Index, saw similar declines, with crypto-related stocks like MicroStrategy (MSTR) and Coinbase (COIN) also falling. This market action coincided with a drop in U.S. equity indexes, driven by several concerns: a hotter-than-expected Producer Price Index (PPI) reading suggesting inflation is not cooling as hoped, lingering stress in credit markets, and rising geopolitical tensions involving the U.S. and Iran. In response to these risks, investors moved toward safe-haven assets; the U.S. 10-year Treasury yield slipped below 4%, while gold surged above $5,230 an ounce and silver jumped 4%.
(Source：CoinDesk)