Last week, the global bond market crashed—especially U.S. Treasuries, which fell quite sharply. Think about it: yields kept surging higher, with the 10-year hitting over 4.5%, so bond prices had no choice but to drop. Banks holding a pile of bonds are sitting on a lot of unrealized losses—seeing it is painful.

Once this thing breaks down, the impact is huge. In the U.S. stock market, tech stocks are the first to suffer; when interest rates rise, companies like Tesla and Nvidia, which are propped up by future-growth stories, take a hit. Bank stocks aren’t doing great either—smaller banks may have trouble again.

What about crypto? Even more so—don’t even mention it. When the market panics, money runs for the exits, and who would still hold Bitcoin and bet on it? Liquidity tightens, and in the short term, crypto falls along with U.S. stocks. But then again, if the Federal Reserve is forced to cut rates to rescue the bond market, that would be a long-term positive for crypto—though don’t get your hopes up.

Gold is also being suppressed because with bond yields higher, holding gold doesn’t earn interest, so its effective cost goes up. But if the bond market truly collapses and sparks a major crisis, gold’s safe-haven appeal will come roaring back. $BTC ‌$ETH