FIRST MOVER: As tensions heighten between Beijing and Washington, BTC and ETH fell along with the broader financial market. LedesmaLyllah and godbole17 report.
For the first time this year, ether's market share of trading volume achieved 50% parity with bitcoin's, according to data provided by Kaiko. It was previously around 45% to 50%.“This could be because of FOMO from investors of ETH 2.0 or because there is already a change in tendency,” Jodar said, using the acronym for"feat of missing out" and referring to an upcoming software update on the Ethereum network.Chart of the Day: U.S. Yield Curve Flattest Since 2000The U.S.
The flattening indicates that even as the Federal Reserve raises rates and puts upward pressure on the two-year yield, market participants are buying the 10-year note, pushing its yield lower. That reflects investor belief that the Fed's tightening cycle will be over soon and rates will fall again, perhaps to support economic growth. Bond prices and yields move in the opposite direction.
The flattening, therefore, could be considered bullish for risky assets, including bitcoin. It's the classic case of bad news being good news for markets, especially since risk assets seem to have priced the Fed's tightening since November. The 10-year note often attracts demand for safe haven assets and could do so if tensions between the U.S. and China escalate over Pelosi's visit to Taiwan – a self-governed Island claimed by Beijing. In that case, risk assets will likely dip alongside the continued flattening of the yield curve.
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