Gate News, March 23 — After experiencing a sharp correction earlier this year, Bitcoin has begun to show signs of following traditional financial markets. Data indicates that Bitcoin previously dropped from about $90,000 to nearly $60,000 over five weeks, well ahead of the weakening of the S&P 500 and Nasdaq indices.
Currently, the rapid rise in U.S. Treasury yields has become a key factor. The 10-year U.S. Treasury yield has risen to 4.41%, hitting a multi-month high, up 48 basis points since the outbreak of the Iran war; the 2-year yield has also increased to 3.94%. Rising borrowing costs are putting pressure on corporate valuations and reducing risk appetite in the stock market.
Market performance shows significant pressure on tech stocks. Nasdaq-related futures fell to 23,890 points, a new low since September last year, while S&P 500 futures also weakened. Analysts believe that the current stock market trend resembles the structure before Bitcoin’s previous crash, suggesting there may still be further downside potential.
Bloomberg senior strategist Mike McGlone pointed out that Bitcoin is often at the forefront of risk assets. Its recent sharp correction could be a precursor to broader market adjustments, especially amid increased volatility in commodities.
Despite this, Bitcoin’s recent price has stabilized, fluctuating between $65,000 and $75,000, with the latest quote around $68,790. However, derivatives markets are signaling caution, with demand for put options rising to high levels, indicating market concerns about future volatility.
In the current macro environment, rising U.S. bond yields, changing inflation expectations, and geopolitical tensions are collectively influencing market structure. The correlation between Bitcoin and stocks has once again become a focus, and investors should closely monitor interest rate trends and the transmission effects between risk assets. (CoinDesk)
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