Bitcoin's Price Stability Masks Potential Volatility Ahead

Bitcoin surged over $28,000 as investors responded to encouraging Q1 earnings from tech giants Google's parent Alphabet and Microsoft, and the liquidation of bitcoin short positions. Ether also rose 1.8% to around $1,869. Meanwhile, major equity indexes closed in the red, with the S&P 500 and Nasdaq Composite down 1.5% and 1.9%, respectively, and the Dow Jones Industrial Average down 1%. The yield on the two-year Treasury note sank 19 basis points to 3.94%, while the 10-year Treasury yield dropped roughly 11 basis points to 3.40%.