Bitcoin Holds Steady Near $78,000 as Global Bond Yields Surge to Multi-Decade Highs

Global bond markets extended their sell off on Tuesday, pushing long-term yields to levels unseen since the 2008 financial crisis. Japan’s 10-year government bond yield climbed to 3% for the first time since 1996, while its 30-year yield hit a record high. The US 10-year yield also touched a fresh multi year peak.

Debasement Narrative Returns to Focus

The bond rout follows recent comments from a top US Treasury official expanding the size of debt buyback operations, a move some analysts likened to a form of yield curve control. Economists note Japan faces a difficult policy bind, unable to raise interest rates without financial strain while remaining tied to US Treasury holdings.

Some market commentators believe a dollar liquidity mechanism involving central bank swap lines could eventually come into play, a scenario they argue would favor Bitcoin and gold.

Bitcoin Trades Sideways Amid Market Turbulence

Despite the bond turmoil, Bitcoin remained range bound near $78,000 after pulling back from a morning high. Broader markets also softened, with stock futures declining and oil prices climbing amid renewed geopolitical tensions.