Bitcoin rallied as high as $30,032 during the night before reversing all overnight gains alongside a big slide in stocks and gains for U.S. Treasury yields following more indications of labor market strength.
The dollar index , which tracks the greenback's value against major fiat currencies, fell from 102.14 to 101.95 in a knee-jerk reaction to the ratings downgrade, only to bounce back to 102.25 at press time. The 10-year Treasury yield chalked out a similar drop and pop to hover above 4%. Bitcoin tends to move in the opposite direction of the greenback and bond yields.
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