France’s 10-year government bond yield surpassed 4% on July 23, reaching 4.03%, levels not seen since June 2009. This surge reflects France’s projected budget deficit exceeding 6% of GDP, double the EU’s 3% Stability and Growth Pact ceiling. The 30-year yield topped 4.73% in mid-July. Rising bond yields raise the opportunity cost for holding Bitcoin, which generates no yield, as government bonds become more attractive. Traders are monitoring the spread between French and German yields to assess France’s fiscal health.
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