Bitcoin Rises as Oil and Bond Yields Increase

Bitcoin continues to stay above its long-term daily moving averages. Brent crude oil prices are hovering above $100, while bond yields are reaching record levels. With its rise in August, Bitcoin is outperforming gold. Behind this movement is the effect of currency depreciation known as 'debasement trade.' Capital.com strategist Kyle Rodda highlighted U.S. Treasury Secretary Scott Bessent's intervention in the bond market. Such steps have raised expectations that the U.S. may intervene further to support its financial system and the bond market. As a result, Bitcoin has started to be seen as a hedge against the depreciation of government currencies like the dollar. The idea of investors turning to Bitcoin to diversify their portfolios has gained renewed strength. Rodda also noted that the recent rise could indicate that a bottom formation has been completed. Bitcoin had fallen below $58,000 in June, remained flat until August, and then showed a sharp increase after August 19.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.