Bitcoin hovers near $74K as stocks rise despite US bond yield rebound
Bitcoin traded in a narrow range as investors bought the dip in tech stocks and US bond yields climbed on high CPI inflation data.
Bitcoin hovered near $74,000 on Wednesday, as tech stocks and US bond yields climbed in response to high CPI inflation data. BTC/USD traded in a narrow range, diverging from US equities as investors bought the dip in tech stocks. The AI sector led gains, with CoreWeave jumping over 20% on better-than-expected Q3 revenue and 2026 guidance.
Nvidia saw a modest 2.5% increase despite ongoing controversy over CEO Jensen Huang. Oil prices rose amid concerns over the US-Iran war, with WTI crude up 1.4% to $87.70 per barrel and Brent crude gaining 1.5% to $93.40. Despite higher-than-expected CPI data, stocks continued to rise, while US bond yields surged, with the 10-year yield returning to 5% and the 30-year yield reaching 5.378%.
Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, suggested that bonds were pricing in a more hawkish approach to interest rates by the Federal Reserve. Bitcoin traded between its 21-week and 50-week simple moving averages at $73,078 and $75,492, respectively, as volatility cooled ahead of a new catalyst.
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