Bitcoin slips under 1% to above $83,100 as Treasury yield hits 2007 high

  • Bitcoin slipped under 1% to just above $83,100 during Tuesday Asian trading.
  • 5.25% was the 10-year Treasury yield after reaching its highest level since 2007.
  • Commerce Department inflation data are due Wednesday, including August’s PCE price index.

Bitcoin slipped less than 1% to just above $83,100 during Tuesday’s Asian morning, testing the lower edge of last week’s trading range as the 10-year Treasury yield reached its highest level since 2007. The yield later steadied at 5.25%, up one basis point, making non-income-producing assets such as Bitcoin less attractive. ZEC fell 12% to about $1,380, the sharpest decline among major tokens, while SOL and HYPE lost 3% to 4%, DOGE fell 3%, BNB dropped 2% and XRP declined nearly 2%. Ether and TRX were little changed. Among smaller tokens, The Graph’s GRT rose 18% and Immutable’s IMX gained nearly 10%, while UNI and BCH each fell about 10% and DASH dropped 7%. Total crypto market value was near $2.86 trillion. A crypto sentiment index (market mood gauge) stood at 74 out of 100 on Monday, just below the extreme greed zone, contrasting with fear that has weighed on stocks for 20 days. FxPro chief market analyst Alex Kuptsikevich said Bitcoin could retest the $82,000 area, where peaks formed in May and early September. He said a sustained move below $80,000 would indicate that the market was not ready to advance for some time, while renewed bullish momentum could lift Bitcoin well above $90,000. Oil prices, stock futures and upcoming U.S. inflation data added to the market’s rate-sensitive backdrop: Brent crude rose more than 1% to nearly $107 a barrel, MSCI’s All Country World Index reached its lowest level since Sept. 18, and Nasdaq 100 futures fell 0.3%. The Commerce Department’s August personal consumption expenditures price index, due Wednesday, could influence expectations for another Federal Reserve rate increase and further Treasury-yield gains.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.
Bitcoin slips under 1% to above $83,100 as Treasury yield hits 2007 high - CoinPost Terminal