The US Morning Crypto News Briefing provides an essential overview of the critical developments in the crypto sector for the day ahead. As traders prepare for the day, they are greeted with the potential initiation of a broader global risk-off shift, particularly as monetary tightening becomes a focal point in both Asia and the Western world.

A key development in Japan's financial landscape has captured attention in the crypto community. The yield on Japan's 30-year government bonds has surged to its highest level in two decades, marking a significant event in today's US crypto news. This increase amounts to 12 basis points, pushing the yield to 2.345%, the highest figure recorded since 2004. This trend signals growing stress within global fixed-income markets, presenting a bearish outlook for Bitcoin (BTC) and risk-on assets.

Agne Linge, the director of growth at the decentralized on-chain bank WeFi, concurs that rising bond yields pose a short-term threat to the crypto market. In correspondence with BeInCrypto, she expressed that a substantial change may be imminent for risk assets. Her analysis highlights macroeconomic trends in Japan, particularly regarding the recent spike in the 30-year bond yield.

With Japan's long-term bond yields climbing, the Bank of Japan (BoJ) faces mounting pressure to respond with an interest rate hike. Experts predict this could occur as soon as the end of April. If the BoJ implements tighter monetary policies, it would represent a significant transformation for a central bank that has upheld ultra-loose monetary conditions for many years.

Linge pointed out the yen carry trade as a risk mechanism. In this strategy, global investors borrow yen at low interest rates to invest in higher-yielding assets abroad. The carry trade flourishes when Japanese interest rates are low and international risk appetite is robust.

As Japanese yields increase and the likelihood of a BoJ rate hike rises, the motivation to borrow yen weakens. This could result in the unwinding of the carry trade, potentially reducing liquidity in global markets. Such a scenario would heighten downside risks for crypto and other risk assets, aligning with BeInCrypto's recent report indicating that Bitcoin's price is under threat as the reverse yen carry trade unfolds.

Simultaneously, the Federal Reserve (Fed) encounters growing demands to lower interest rates. US consumer inflation data from the Consumer Price Index (CPI) and the Producer Price Index (PPI) support this demand. Linge notes that dovish signals from the US could partly counterbalance the emerging hawkish stance from Japan.

The Fed's decision to loosen monetary conditions while Japan tightens could generate a mixed global liquidity environment. This situation might provoke volatility as investors reevaluate cross-border capital flows.

Despite these concerns, traders and analysts remain optimistic. Recent observations by analysts at Deribit indicate that markets have transitioned from capitulation to an aggressive bounce. Deribit's data supports this view, revealing that the $100,000 call strike price is the most popular call option at present, registering the highest open interest. This suggests expectations that Bitcoin may approach this psychological milestone.

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