A big push higher in crypto over the weekend has bitcoin back to flat on the year. While ether remains in the red for 2022, anticipation is building over the 'merge.' godbole17 reports in this morning's First Mover Americas.
Data tracked by charting platform TradingView shows that a section of the Treasury yield curve inverted early on Monday. The spread between yields on the 30- and five-year government bonds fell under zero for the first time since 2006 – a year before the great financial crisis of 2007-2008.
The spread between the 10- and two-year yields, another widely tracked section of the yield curve, was 12 basis points short of inversion at press time. An inverted yield curve is widely read as a sign of impending economic recession, a significant decline in economic activity that lasts for months or even years. According to the Federal Reserve Bank of San Francisco, the yield curve has inverted before each recession since 1955, with the economy taking a hit between six and 24 months following the inversion.
The recession hint provided by the latest curve inversion could have bearish implications for bitcoin. While the cryptocurrency hasn't develop strong links to economic activity yet, it has evolved as a macro asset since the coronavirus crash of March 2020 and tends to move in line with risk assets, mainly technology stocks, which are sensitive to economic cycles.DISCLOSURE
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