The U.S. 10-year Treasury yield has broken through 5% again.

After the rise in oil prices, the market has begun to reassess inflation and higher long-term interest rates. The 10-year yield surpassing 5% indicates that pressure has shifted from oil to the U.S. Treasury market.

This is not good news for the overall risk market.

When the U.S. Treasury yield reaches 5%, it means that there is no need for any tricky maneuvering, buying U.S. Treasuries can yield around 5%. Naturally, funds will reconsider whether it's worth taking on the large volatility of U.S. stocks and Bitcoin.

Moreover, if oil prices continue to stay high, it will be difficult for U.S. inflation to really decrease. If inflation doesn't drop, the Federal Reserve will find it hard to cut interest rates, and may even need to raise them again.

So right now, things are rather twisted. Oil prices are rising, U.S. Treasury yields are rising, and market worries about interest rate hikes are increasing; normally, all these factors are not favorable for risk assets.

Yet Bitcoin is still rising. I certainly hope Bitcoin continues to go up, but based on the current macro environment, I really don't understand the reason behind this round of Bitcoin's rise.

@Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFD, one-stop trading for prediction markets

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