Bitcoin undone by higher US rates

Last night it was not just the US equity markets that became unstuck by higher US yields, Bitcoin took a big hit too. The lead cryptocurrency fell back from an earlier session high at 47,062, to as low as 43,764 ahead of the wider US close. You see BTC is the ultimate zero interest rate alternative asset and it does not relish the prospect of higher costs of carry. That fact has been noted upon here many times before and so it was logical for the whole crypto space to take a hit last night. The start of the Asian session today saw BTC drop even more. It fell back to as low as 42,505 on the Asian opening. It has tried to rebound from there since, but it is not making much progress so far. The range seen today has been set so far at 42,505 to 43,775. The risks of a fall below the previous interim spiked bottom (On December 4), at 42,296 remain elevated. It is just now trading at 43,085