Bitcoin Continues To Soar Despite US Bond Data

Bitcoin's dizzying bull run shows no signs of slowing down despite the increase in US government bond yields.

According to the latest data, cryptocurrency market leader Bitcoin broke a new record of $ 51,348 on Wednesday, breaking into the psychological level of $ 50,000 for the first time on Tuesday. The price has risen 53% this month alone.

The latest surge came just after MicroStrategy, a public company, announced plans to increase its Bitcoin stock once again.

According to Avi Felman, trade manager at BlockTower Capital, MicroStrategy's announcement may have been made to force Bitcoin to move above the critical $ 50,000 level. The firm made a similar announcement on December 7, after which Bitcoin went above the $ 20,000 great wall.

It remains to be seen whether the recent move above $ 50,000 is sustainable, given that US bond yields are rising and pushing gold down. Bitcoin, like gold, is widely regarded as a hedge against inflation.

The yield on the 10-year Treasury bond hit 1.33%, a 12-month high earlier today, and rose over 20 basis points this year. Gold is currently trading at a two-week low of $ 1,790 per ounce. However, Bitcoin is resisting and can come under pressure when returns adjusted for actual inflation soar.

As of Tuesday, 10-year bond yielded -1% on inflation-adjusted terms, data provided by the US Treasury Department.

As of this writing, the final price of BTC: $ 50,922