Live markets: Crypto prices remain flat ahead of FOMC minutes, Nvidia earnings

15:13 UTC ? Markets gain as bond rout takes a breather

The shocking rise in global bond yields is as good an excuse as any for the recent struggles in risk markets, crypto among them.

Yields, though, are easing on Wednesday, likely contributing to the now-positive tone.

The U.S. 10-year Treasury yield is lower by 6.5 basis points to 4.61%, and the U.K. 10-year Gilt yield is down 13 basis points to just under 5%. Germany's 10-year Bund yield has dipped 8 basis points to 3.10%.

After three straight down sessions, the Nasdaq is now higher by 1.1%. Bitcoin is also higher by 1.1% over the past 24 hours to $77,300.

As for what might be helping yields slide on Wednesday, traders are looking at dipping oil prices. WTI crude is lower by 3.7% to $100.50 per barrel, and Brent crude is down 4.6% to $106.98.

14:24 UTC ? NAKA sets 1:40 reverse stock split

Bitcoin treasury firm Nakamoto (NAKA) , founded by David Bailey, will implement a 1-for-40 reverse stock split on May 22, the company said, to regain compliance with Nasdaq?s minimum $1 bid price requirement.

The action comes as the stock has plunged more than 99% from its peak of one year ago to the current $0.16. Shares are down 8.8% Wednesday.

Reverse stock splits are a common strategy used by struggling companies to avoid removal from major exchanges. The tactic increases the stock price proportionally, but it does not change the company?s underlying market value.

It's a sign of the times for digital asset treasury companies. Back in January, Strive (ASST) implemented a 1-for-20 reverse stock split to lift its share price above $1.

Read More: David Bailey?s Nakamoto (NAKA) sells roughly 5% of its bitcoin holdings, offloading 284 BTC

14:14 UTC

Bitcoin (BTC) continues to trade in a tight range around $77,000 in morning U.S. action on Wednesday. The major stock indices are posting small gains after three consecutive negative sessions.

Minutes from the Fed's last policy meeting are due to be released at 2:00 pm ET. That April meeting was notable as it was the last to be headed by Jerome Powell, with Kevin Warsh due to be sworn in as Fed chair on Friday.

The meeting was also important for having four dissents ? one from Stephen Miran, who wanted the central bank to trim rates, and three from board members who urged the Fed to drop any language suggesting an easing bias.

In the weeks since, bond markets globally have taken a major tumble as unexpected economic strength has combined with resurgent inflation to force a major reassessment from rate traders.

Nvidia (NVDA) reports its quarterly results after the close on Wednesday. A large stock price move in the tech bellwether is likely to lead to a sizable move in the Nasdaq. Traders accustomed to crypto's correlation with that index will be keeping a close eye.