#BTC
Bitcoin holds $83,000 as ZEC drops 12% and oil climbs again
Bitcoin slipped under 1% to just above $83,100 as of Tuesday Asian morning hours, testing the floor of last week's range, after the 10-year Treasury yield touched its highest level since 2007.
ZEC fell 12% to about $1,380, the steepest drop among major tokens, CoinDesk data show. SOL and HYPE each lost between 3% and 4%, DOGE fell 3% and BNB 2%, while XRP dropped nearly 2%. Ether and TRX were flat.
Among smaller tokens, The Graph's GRT jumped 18% and Immutable's IMX nearly 10%, according to FxPro, while UNI and BCH each fell about 10% and DASH lost 7%. Total crypto market value sat near $2.86 trillion.
A widely watched crypto sentiment index stood at 74 out of 100 on Monday, just short of the "extreme greed" zone, a metric that brokerage FxPro contrasted with the fear that has gripped the stock market for the past 20 days.
"Bitcoin has pulled back to $83K, testing the lower boundary of last week's consolidation range,” Alex Kuptsikevich, chief market analyst at FxPro, said in an email to CoinDesk. “As with the market as a whole, a retest of the $82K region, where peaks were formed in May and early September, is entirely to be expected under current conditions.”
"Looking ahead, a sustained return to prices below $80K would be an important signal that the market is not ready to move higher for some time yet. If, however, this consolidation is soon followed by a new bullish momentum, it could send the leading cryptocurrency well above $90K," he added.
The pressure is coming from bonds and oil.
Treasuries steadied in Asia after tumbling during U.S. trading, with the 10-year yield up one basis point to 5.25% after reaching its highest level since 2007 on Monday. A higher guaranteed return on government debt raises the bar for holding assets that pay no income, bitcoin among them.
Brent rose more than 1% to nearly $107 a barrel, its second straight gain, as hopes for an imminent diplomatic breakthrough with Iran faded.#Write2Earn $BTC
Bitcoin holds $83,000 as ZEC drops 12% and oil climbs again
Bitcoin slipped under 1% to just above $83,100 as of Tuesday Asian morning hours, testing the floor of last week's range, after the 10-year Treasury yield touched its highest level since 2007.
ZEC fell 12% to about $1,380, the steepest drop among major tokens, CoinDesk data show. SOL and HYPE each lost between 3% and 4%, DOGE fell 3% and BNB 2%, while XRP dropped nearly 2%. Ether and TRX were flat.
Among smaller tokens, The Graph's GRT jumped 18% and Immutable's IMX nearly 10%, according to FxPro, while UNI and BCH each fell about 10% and DASH lost 7%. Total crypto market value sat near $2.86 trillion.
A widely watched crypto sentiment index stood at 74 out of 100 on Monday, just short of the "extreme greed" zone, a metric that brokerage FxPro contrasted with the fear that has gripped the stock market for the past 20 days.
"Bitcoin has pulled back to $83K, testing the lower boundary of last week's consolidation range,” Alex Kuptsikevich, chief market analyst at FxPro, said in an email to CoinDesk. “As with the market as a whole, a retest of the $82K region, where peaks were formed in May and early September, is entirely to be expected under current conditions.”
"Looking ahead, a sustained return to prices below $80K would be an important signal that the market is not ready to move higher for some time yet. If, however, this consolidation is soon followed by a new bullish momentum, it could send the leading cryptocurrency well above $90K," he added.
The pressure is coming from bonds and oil.
Treasuries steadied in Asia after tumbling during U.S. trading, with the 10-year yield up one basis point to 5.25% after reaching its highest level since 2007 on Monday. A higher guaranteed return on government debt raises the bar for holding assets that pay no income, bitcoin among them.
Brent rose more than 1% to nearly $107 a barrel, its second straight gain, as hopes for an imminent diplomatic breakthrough with Iran faded.#Write2Earn $BTC
