Brent crude oil prices have surpassed $100 per barrel and the US 10-year Treasury yield is approaching 4.71%, creating an unfavorable environment for risk assets. Bitcoin dropped to around $65,500 on July 23 amid this macroeconomic pressure. This combination is pressuring the Federal Reserve to decide whether to maintain or increase its policy rates in response to expected inflation. Digital assets, which generate no cash flow or dividends, are particularly vulnerable when safe assets offer competitive returns. Bitcoin miners also face direct headwinds from rising energy costs.
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