US Treasury Refunding Announcement Holds the Key to Bitcoin Bull Run
- Bitcoin stalls around $60K, prompting anticipation of the U.S. Treasury’s QRA.
- Analysts believe a decrease in the Treasury’s cash target could trigger bullish sentiment in crypto.
- Meanwhile, an increased TGA target could unfavorably impact risk assets.
Over the past few weeks, crypto traders have endured a rather dull period. Bitcoin (BTC), the foremost crypto, has remained primarily stagnant within the $60,000 range, with its price experiencing more declines than gains.
Nonetheless, a glimmer of hope may be on the horizon. Analysts anticipate next week’s U.S. Treasury Secretary’s quarterly refinancing announcement (QRA) to boost risky assets like crypto.
Historically, the QRA has served as a barometer for market sentiment. It reflects the U.S. government’s borrowing needs and its impact on broader financial dynamics. In particular, the quarterly QRA reveals the U.S. government’s borrowings for the next three months, affecting bond prices, yields, and market risk appetite.
Higher bond issuance suppresses prices and boosts yields, discouraging risk-taking. Conversely, diminished issuance yields the opposite effect, influencing market dynamics accordi…
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