Bitcoin stuck in a six-week range as global bond yields hit highest levels for decades

The main driver of price action is the surge in global bond yields. The U.S. 30-year Treasury briefly hit 5.333%, its highest in nearly two decades, Japan’s 10-year yield climbed to a 30-year high, Germany’s 30-year bund hit levels last seen in 2011 and France’s equivalents touched highs going back to 2008.

The slide in bond prices, which move in the opposite direction to yields, came as the Nasdaq 100 index dropped 1.3% on Tuesday, its steepest single-session decline since early August, while the S&P 500 posted its third straight daily loss. Futures for both indexes have steadied since midnight.

Minutes from the Federal Reserve’s last interest-rate decision meeting will be released later Wednesday, potentially giving an indication of the direction for U.S. monetary policy after officials voted to keep rates steady in a range of 3.5% to 3.75%, despite three of the 12 voters wanting to increase.