July 12 BTCUSD BingX Chart Analysis and Today's Headline

On the daily timeframe, BTC's Bollinger Bands are narrowing, with the moving averages hovering around the midline, indicating a potential turning point not far away. Additionally, the consolidation period for BTC has been relatively long. Looking at the 4-hour chart, BTC is currently in a range-bound consolidation phase. However, if it manages to break above $31,000, it could accelerate its departure from this consolidation phase.

Tokenized U.S. Treasury Bonds Cross $600 Million

According to Coindesk, the market value of blockchain-based investment products that package US Treasury bills, bonds, and money market funds into tokenized form, compiled by real-world asset data company RWA.xyz, totals $614 million. During a slump in the cryptocurrency market, DeFi yields plummeted due to a sharp decline in lending and leverage demand. Simultaneously, as the Federal Reserve raised interest rates to the highest levels since 2007 to tackle inflation, traditional finance (TradFi) bond yields surged. This year, several newcomers like OpenEden, Ondo Finance, and Maple Finance launched blockchain-based sovereign bond products targeting sophisticated investors, digital asset companies, and decentralised autonomous organisations.

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