Bitcoin Pumps Above $70K as Crypto Rally Resumes; Analyst Sets $83K Price Target

On Thursday, the yield on the U.S. Treasury Department's $44 billion 7-year note auction soared to 5.085%, marking a historical high for this maturity. The allocation ratio to overseas investors dropped to a near two-year low. The Treasury's expanded repurchase operations only reached 68% of the cap, lower than the previous 86%, indicating less liquidity support than expected. The pressure spread to the U.S. municipal bond market, with the 30-year yield breaking above 5%, the highest since 2011, and the scale of sell-off reaching levels unseen since the early days of the pandemic. On Thursday, the yield on the 10-year U.S. Treasury exceeded 5.2% for the first time since 2007.

Macron stated that France will deploy troops to Yanbu and provide radar systems and defense systems. He emphasized that the mission is to protect Yanbu facilities, not to intervene in regional conflicts. Last Friday, he mentioned that after the blockage of the Strait of Hormuz, Saudi Arabia's East-West oil pipeline temporarily became a key alternative transport route, but oil shipments through the pipeline dropped sharply due to attacks on Yanbu by Yemeni Houthi forces.