Bitcoin slips after touching new all-time high, as rising yields pressure risk assets

"Bitcoin's new high has been concocted by an array of favorable ingredients in the macro cauldron, namely softer U.S. inflation numbers, a de-escalation in the U.S.-China trade war and the Moody's downgrade of U.S. sovereign debt, which has put the spotlight on alternative stores of value like bitcoin," said Antoni Trenchev, cofounder of crypto exchange Nexo. The price of the flagship cryptocurrency was last hovering above the flat line at $106,678.74, according to Coin Metrics, having pulled back as Treasury yields spiked and stocks fell to session lows. Earlier, it rose as high as $109,500. "We've entered an alternate universe very different from early April when global macro concerns were at their peak and bitcoin slumped to $74,000," he added. "It's possible a three-month window has opened for risk assets to thrive as a broader agreement between the U.S. and China is thrashed out." After languishing for several weeks amid tariff-related uncertainty, bitcoin's price has been stea ... Read full article.