Bitcoin’s Recent Macro Relief Faces a Challenge From Japanese Interest Rates

Bitcoin’s rebound could face a headwind as Japanese bond yields rise and lift global borrowing costs. The 10-year Japanese government bond yield hit a 30-year high of 2.85%, up 18 basis points this month, according to CoinDesk, while the U.S. 10-year Treasury yield is testing 4.5% and other major yields are also climbing. Bitcoin has risen about 8% to around $64,000 this month after July 1 comments from Fed Chair Kevin Warsh and a weaker June nonfarm payrolls report, but higher yields raise the opportunity cost of holding BTC.