is little changed on Wednesday at $28,300 despite roughly 1% declines in the S&P 500 and Nasdaq as interest rates carve out fresh new post-global financial crisis highs.
Socking the stock market indices is a new leg up in interest rates. The U.S. 30-year Treasury bond yield is higher by nine basis points to 5.02%. Should that level hold, it would be the first close above 5% for the long bond since the summer of 2007. The 10-year Treasury note yield is up seven basis points to 4.905%, also the highest yield since that summer.
For his part, SEC Chair Gary Gensler – whose opinion is likely the only one that matters – for now is keeping his cards close to his vest. InThe question for the bulls going forward is that if spot ETF approval is so widely known and expected, wouldn't that news be reflected in the price of bitcoin, which has nearly doubled this year, but remains about 60% below its all-time high hit a bit more than two years ago.
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