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Bond interest rates may determine market direction

Any further moves in Treasury yields, particularly a testing of the 3 per cent level on the 10-year Treasury note, could jolt stocks, even if earnings season progresses well

Hundreds of billions of dollars in wealth have evaporated in recent weeks as the price of bitcoin has fallen by more than half from its peak of around US$19,500 in December and it dipped below US$8,000 last Friday before recovering somewhat.

SPECULATORS on stocks and bitcoin learned this week that market "melt-ups" - greed-fuelled, rocket-paced rallies such as those of the last three months - are so-called because of how often they are followed by meltdowns.

With the biggest January gains since 2003, the stock market melted...

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