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Bitcoin Eyes $60,000-Breakout Ahead of Biden Spending Announcement

Bitcoin held gains, bond yields rose, and gold slipped ahead of President Biden’s next big spending push that could total anywhere between $2 trillion and $4 trillion.
The BTC/USD exchange rate approached $60,000 in an early morning rally in Asia, driven higher by a flurry of fundamentals, ranging from PayPal’s decision to add a crypto checkout service to Visa settling transactions in stablecoin USDC. Traders flocked into Bitcoin, believing that the cryptocurrency’s robust mainstream adoption would prove bullish.
Bitcoin’s top rival Gold suffered. The spot XAU/USD exchange rate slipped below $1,700 on Wednesday, reacting to an intraday climb in the US government bond yields in the previous session that left the US dollar stronger. Gold tends to move inversely to the greenback.
Gold reaches its three-week low amid US bonds sell-off. Source: XAUUSD on
The interest rate on the benchmark 10-year US Treasury note climbed to as high as 1.773 percent — its highest level since January 2020 — before retreating lower to 1.724 percent at Tuesday’s close. Its rise raised the US dollar’s appeal in international markets, prompting the US dollar index to reclaim its early November 2020 top at 93.43.
Bitcoin Above $60,000
Bitcoin in late February reacted negatively to rising bond yields. Nevertheless, the cryptocurrency came on its own amid repeated news of its mainstream adoption, led by Tesla’s $1.5 billion investment and followed by its decision to sell its electric vehicles for the cryptocurrency. Meanwhile, Morgan Stanley also included three bitcoin funds into its investment service portfolio.
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