Bitcoin

This is the third leg of a fiscal-dominance trade: US deficit concerns, UK gilt stress, and now France's 5%+ deficit with debt near 112% of GDP. The euro-area's second-largest economy losing fiscal credibility undermines the 'EU is the safe diversification away from US' thesis and pressures EUR, which historically correlates with BTC downside on a 1-2 week horizon.

French stocks and bonds retreated as the government came under pressure due to high debt and a large budget deficit.