Bitcoin still clinging to $40K

The fallout in the Cryptocurrency space this year has seen Bitcoin fall from a 2022 high of $47,575 (January 3) to as low as $40,539 on Saturday January 8. The fall back yesterday has been arrested for now as the price steadies off that low in Sunday trading. As noted just now with Ether, the driver for the move was the continued push higher in US treasury yields. At the risk of repetition; that dynamic has been covered several times in the first week of 2022. The fact that both BTC and Ether are zero yielding assets is a problem when interest rates start to rise. Now of course that will not stop many players from wishing to own them, but the higher cost of carry is also a major dampener for these coins. They were after all born out of a zero rate environment and if that changes, then surely so will their allure? How much so of course remains to be seen. Bitcoin is currently trading at back above 42k in Sunday evening trade