Rate Fears Drive Crypto Pullback as Tariff Threats Fade
Recent announcements from President Trump regarding tariff exemptions for Mexico have initially boosted markets, with Bitcoin rising to $91,000. However, these gains were short-lived as the Nasdaq fell 2.3% and Bitcoin retreated to $88,500.
Interest Rates on the Rise
- Global interest rates are sharply increasing, impacting risk markets.
- Germany's 10-year Bund yield surged over 40 basis points to 2.83%.
- Japan's 10-year JGB yield rose to 1.51%, more than doubling in six months.
- The U.S. 10-year Treasury yield increased by over 20 basis points to 4.30% in 48 hours.
Upcoming U.S. Jobs Report
The February U.S. Nonfarm Payrolls Report will be released Friday. Economists anticipate payroll growth of 160,000, with the unemployment rate steady at 4%. A strong report could further increase interest rates, potentially negatively affecting risk markets, including cryptocurrencies.