Bitcoin tests $30K level in rough session for risk assets

Covid fears appear to be driving market action this morning, with Europe down 2.4% at midday, and U.S. stock index futures pointing to more than a 1% loss at the open. The 10-year Treasury yield has plunged all the way down to 1.22% - a level completely incompatible with a strong economic growth and surging inflation, but totally compatible with another virus-related slowdown to come at some point in the near future.Commodity prices are down sharply across the board, including crude oil - now down below $70 per barrel for the first time in a month.After holding in an increasingly tight range for the past week, bitcoin (BTC-USD) has broken out to the downside, now selling for $30.5K. In the news is the crypto's fourth-consecutive downward difficulty adjustment as the market continues to deal with China's mining ban. Hash rate has staged only the most modest of recoveries, and remains far below the April