Bitcoin fell on Thursday and expanded the gains for the second straight session, moving away from a four-month high on profit-taking.
Traders are shunning risks after a surge in US 10-year treasury yields before important US data and remarks by Fed Chair Jerome Powell.
The Price
Bitcoin fell 1.9% at Bitstamp to $101,550, with a session-high at $103,895.
On Wednesday, bitcoin lost 0.6%, the third loss in four days on profit-taking away from a four-month high at $105,706.
Crypto Market Value
The market value of cryptocurrencies fell by over $80 billion on Thursday to a total of $3.388 trillion.
US Yields
US 10-year treasury yields fell 0.9% on Thursday away from a five-week high at 4.548%, pressuring the greenback.
Chicago Fed President Austin Goolsby said the recent data that showed lower inflation doesn’t necessarily reflect the impact of the new US tariffs on imports, and the Fed requires more data to gauge the path ahead clearly.
According to the Fedwatch tool, the odds of a Fed 0.25% rate cut in June stood at just 8%, and the odds of such a cut in July stood at 40%.
Traders are now pricing in 50 basis points of US interest rate cuts this year, likely starting next September.
Federal Reserve Chair Jerome Powell is scheduled to speak later today in Washington and could provide clues on the bank’s future monetary policy and thinking.
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