Higher Treasury yields often weigh on gold and bitcoin, raising the opportunity costs of holding such assets, which do not generate any interest
A false report that the U.S. approved a bitcoin-based exchange-traded fund led to the crypto’s price rally on Monday, while the gain quickly faded.
The SEC chose not to appeal an August federal court ruling, which ordered the agency to vacate its rejection of Grayscale Investments’ application to convert its Bitcoin Trust product into an ETF. The agency faced a deadline on Oct. 13 to appeal the ruling. Higher Treasury yields could weigh on gold and bitcoin, raising the opportunity costs of holding such assets, which do not generate any interest.Gold futures rose over 6% so far this month, while bitcoin gained 3.3% over the same period, according to FactSet data.
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