The US Treasury Department didn’t wait long enough after the debt ceiling<\/a> deal and decided to begin offering Treasury bills immediately. The US Treasury to auction $173 billion in short-term Treasury bills on June 5 to start rebuilding its depleted cash balance, with $1 trillion in T-bills expected<\/a> by the end of the third quarter. As a result, Bitcoin and the broader crypto market remain under selling pressure.<\/p>\n According to the US Treasury Department auction schedule<\/a>it will auction $173 billion in Treasury bills on June 5. Three treasury bills of 13-week, 26-week, and 44-day worth $65 billion, $58 billion, and $50 billion, respectively, are to be auctioned today.<\/p>\n <\/p>\n Cash reserves in the US Treasury General Account<\/a> fell to $22.89 billion on June 1 from $635.99 billion in March. Risky assets such as crypto are vulnerable to higher volatility and weaker returns as higher Treasury yields and a strong US dollar will put pressure on Bitcoin and other cryptocurrencies.<\/p>\n The US Treasury is expected to issue $1 trillion in T-bills by the end of the third quarter. It will drain US dollar liquidity from the financial market, increasing the risk of a recession.<\/p>\n The US Treasury yields are already rising, with the US Dollar Index (DXY<\/a>) breaking above 104 to a high of 104.35 today. Meanwhile, the US stock market futures hint at a flat opening on Monday amid oil and natural gas prices jumping over 2%.<\/p>\n <\/p>\n <\/p>\n <\/p>\n Also Read: Multichain Resumes Cross-Chain Bridges, MULTI Price Soars 40%<\/a><\/strong><\/p>\n btc price<\/a> fell 2% in the past 24 hours, with the price currently trading at $26,761. The 24-hour low and high for Bitcoin are $26,712 and $27,407, respectively. Also, eth price<\/a> slips to the previous support level after rising above $1900 last week. The price trades at $1870, down 2% in the past 24 hours.<\/p>\n The market dynamics now depend on the US Federal Reserve monetary policy decision on June 14. The CME FedWatch Tool<\/a> shows a 76% probability of the Fed keeping its policy rate unchanged. Fed Chair Jerome Powell and other Fed officials also hinted at a “skip” in June<\/a>,<\/p>\nBitcoin, Crypto Falling As US Treasury Starts $173B T-Bills Auction<\/h2>\n
BTC Price to Fall Below $26,000<\/h2>\n
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