Bitcoin (CRYPTO: BTC) continues to slide following Tuesday’s stronger-than-expected December Purchasing Managers’ Index reading, with analysts attributing the sharp price decline to fallout in the bonds market.
What Happened: It trades around the $95,400 mark after having touched $102,000 on Monday, down 5.3% over the past 24 hours.
Prominent analyst Benjamin Cowen owen emphasized in his podcast update on Tuesday that Bitcoin’s recent decline “isn’t so bad” in the broader context.
Cowen elaborated on how the 10-year Treasury yield impacts Bitcoin and other risk assets, highlighting that significant yield increases have coincided with Bitcoin bear markets, including those in …
Full story available on Benzinga.com