Weak US jobs data has narrowed expectations for another Fed hike in October, offering Bitcoin some relief as investors continue to embrace the debasement trade.
Bitcoin (BTC) is coming off its best third quarter since 2017, but extending the rally may prove more difficult as Treasury yields above 5% offer investors an increasingly attractive alternative to risk assets, according to Delphi Digital.&
In its latest weekly newsletter, Delphi highlighted Bitcoin’s 43% gain in the third quarter, followed by a third straight weekly advance last week. However, “the grind higher is happening against real resistance,” Delphi wrote, pointing to the Federal Reserve’s September rate hike and surging Treasury yields, which have reached multi-decade highs.
“When a government bond pays over 5% risk-free, every risky asset has to work harder to deserve the money,” Delphi wrote.
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