Bitcoin, Crypto Under Selloff Pressure As US Treasury Dept Start Issuing T-Bills
Bitcoin, Crypto Falling As US Treasury Start $173B T-Bills Auction According to the U.S. Treasury Department auction schedule, it will auction $173 billion in Treasury bills on June 5. Three treasury bills of 13-week, 26-week, and 44-day worth $65 billion, $58 billion, and $50 billion, respectively to be auctioned today. advertisement Cash reserves in the US Treasury General Account fell to $22.89 billion on June 1 from $635.99 billion in March. Risky assets such as crypto are vulnerable to higher volatility and weaker returns as higher Treasury yields and a strong US dollar will put pressure on Bitcoin and other cryptocurrencies. The US Treasury is expected to issue $1 trillion in T-bills by the end of the third quarter. It will drain US dollar liquidity from the financial market, increasing the risks of a recession. The US Treasury yields are already rising, with the U.S. Dollar Index (DXY) breaking above 104 to a high of 104.35 today. Meanwhile, the US stoc...