The cryptocurrency market is experiencing a downturn today as U.S. Treasury yields reach their highest level in almost two years. This has resulted in a drop in the overall market capitalization, with Bitcoin and Ether also experiencing losses. The decline in the crypto market aligns with the strengthening of the U.S. dollar index and the surge in U.S. bond yields. The recent increase in the benchmark U.S. 10-year Treasury note yield suggests that investors are shifting towards safer assets, causing a decrease in interest for non-yielding cryptocurrencies like Bitcoin. The expectation of higher interest rates has historically had a negative impact on the crypto market. However, there is a possibility of a rebound in the coming days, as the market capitalization is approaching oversold levels and testing a support level. If the support holds, there could be a potential bounce in the market. On the other hand, if the bears manage to break the ascending trendline support, further decline may occur. It is important for readers to conduct their own research and exercise caution when making investment decisions.
Summary:
– The crypto market is down due to rising U.S. Treasury yields.
– Market capitalization has reached its lowest point in two months.
– Bitcoin and Ether have also experienced losses.
– The decline in the crypto market aligns with the strengthening of the U.S. dollar index and the surge in U.S. bond yields.
– Investors are moving towards safer assets, causing a decrease in interest for non-yielding cryptocurrencies.
– There is a possibility of a rebound in the coming days, as the market approaches oversold levels and tests a support level.
– Readers should conduct their own research and exercise caution when making investment decisions.