Bitcoin
French 10-Year Bond Yield Hits 5 Percent as Bitcoin Trades at 74,500 Euros
Yields on French sovereign debt reached 2002 levels amid fiscal delays, while Bitcoin gained 2.8 percent to 74,500 euros.
The yield on France's 10-year sovereign bond (OAT) touched 5.0% on October 21 before easing to 4.97%, marking its highest level since July 2002. The spread against German 10-year Bunds, which yielded 3.40%, widened beyond 156 basis points, while France's 30-year bond traded at 5.53%. Rising rates increase debt-servicing costs on France's €3.595 trillion national debt as the Agence France Trésor prepares to issue €340 billion in new debt next year.
The sovereign debt pressure follows political and fiscal uncertainties, including the postponement of the 2027 budget revenue vote in the National Assembly with 2,828 amendments pending, alongside an upcoming rating review by Moody's on France's Aa3 rating. On the previous day, the CAC 40 equity index fell 1.1%, pulled down by banking shares.
Against this macroeconomic backdrop, Bitcoin climbed 2.8% to reach €74,500 ($83,700). However, the piece notes that capital inflows into the cryptocurrency face headwinds from an upcoming stablecoin tax scheduled for implementation in 2027.
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