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Leading cryptocurrencies ticked higher on Thursday even as investors weighed a spike in Treasury yields and heightened odds of further rate hikes.
<a href="https://xpertsstudio.com/bitcoin-crypto-market-defy-iran-tensions-clarity-act-stalemate-and-rate-hikes-says-analyst/” title=”Bitcoin, Crypto Market Defy Iran Tensions, CLARITY Act Stalemate and Rate Hikes, Says Analyst”>Crypto Market Steady
Bitcoin oscillated in the $82,900-$84,800 range, while Ethereumbattled strong bear resistance at $2,700.
Cryptocurrency-related stocks rose, withCoinbase Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing up 0.55% and 2.08%, respectively.
Over $340 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, accordingto Coinglass data.
Bitcoin’s open interest dipped 0.77% over the last 24 hours. A drop in Open Interest accompanied by an increase in price typically indicates short covering, meaning traders who previously sold the asset short are now buying it back.
“Greed” sentiment prevailed in the market, accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.97 trillion, up 0.5% from the previous day.
Bond Yields Pressures Stock Market
The Dow Jones Industrial Averageshed 161.61 points, or 0.31%, to end at 51,349.98.The S&P 500 dipped 0.02% to close at 7,704.13. The Nasdaq Composite eked out a modest 0.01% gain, settling at 26,939.37.
The bond market remained a 5.19% on Thursday, its highest level since 2007. The 30-year yield touched 5.48%, its highest since 2004
Earlier, U.S. initial jobless claims fell by 1,000 to 197,000 in the second week of September, compared to market estimates of 201,000.
Rate hike odds remained elevated on the CME FedWatch tool, with traders now pricing in a 67% chance of another 25-basis-point rate hike in October
Whales Scoop up BTC
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that whale investors are buying Bitcoin’s dip, accumulating roughly 30,269 BTC worth $2.57 billion over the last four days.
“But while price corrected, whales appear to have taken advantage of the weakness,” the analyst added.
On-chain analytics firm CryptoQuant flagged a significant increase in Bitcoin miner transfers to Binance when the price hit $87,000 on Monday.
“Historically, Bitcoin miners often monetize part of their production during stronger markets to cover the substantial operating and capital costs of mining,” the firm stated.
CryptoQuant added that since 2024, most miner-to-exchange flows around 20,000 BTC “have not been followed by an immediate sharp decline in Bitcoin’s price.”
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