Last week, the New York State Legislature passed
legislation
1 that is expected to facilitate the
transition from LIBOR of any contract, security or instrument that
(i) is governed by New York law, (ii) uses USD LIBOR in making any
calculation or determination, and (iii) either does not include a
LIBOR fallback provision or contains fallback provisions that would
result in a LIBOR-based rate.
2
The legislation seeks to encourage broad adoption of the
ARRC-recommended benchmark replacement (i.e., a SOFR-based
benchmark plus the recommended spread adjustment), as well as to
minimize legal uncertainty and litigation risk, by addressing the
consequences of USD LIBOR cessation for these so-called
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While Bitcoin takes a dip with the rising bond yields, analysts still remain hopeful that BTC price is all poised to surge from the current levels.
The 10-year US Treasury Yield has once again put volatile asset classes like Bitcoin (BTC) under pressure. On Wednesday, March 16, the US Treasury Yield surged to 1.67% hitting its 13-month high. The recent surge comes just two days ahead of the press release of Federal Reserve Chairman Jerome Powell.
However, this has put the BTC/USD trading pair under severe pressure. As per the recent Bitcoin chart on Trading View, BTC price dipped further today moving closer to $53,000. However, it has pulled back very quickly from the lows and at press time, it is trading around $55K levels.