Bitcoin stays flat as global bond bear market rages on, pushing JGB to high
Global bond yields hit multi-decade highs today as Japan’s 10-year JGB yield reached a 30-year peak, keeping Bitcoin steady near $78,000.
Global long-term bond yields are now at the highest level since the 2008 financial crisis as major long-dated sovereign bonds continued to sell off into trading on Tuesday.
The sell off comes only days after US Treasury Secretary Scott Bessent made headlines by announcing that the maximum size of debt buyback transactions would be increased to $4 billion from September.
While the Treasury does not conduct monetary policy, some commentators have compared this to a form of yield curve control. This has brought the debasement narrative, keenly followed by Bitcoin and precious metal investors, back into the spotlight.