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Leading cryptocurrencies declined on Wednesday as investors reacted to a spike in Treasury yields and rising tensions between the U.S. and Iran.
Crypto Marketin Red
Bitcoinstruggled to break over $80,000 as the coin’s trading volume dived 13% over the last 24 hours. Ethereumwobbled within the $2,440-$2,522 range, while XRPand Dogecoin recorded sharp declines.
Cryptocurrency-related stocks also fell, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 2.80% and 2.26%, respectively.
Nearly $390 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, accordingto Coinglass data.
Bitcoin’s open interest fell 0.44% over the last 24 hours. Interestingly, Binancederivatives traders with open BTC positions remained net long, although the long exposure declined.
The global cryptocurrency market capitalization stood at $2.69 trillion after falling 0.43% in the last 24 hours.
StocksExtend Losses
The stock market inched lower on Wednesday. The Dow Jones Industrial Averagetumbled 405.41 points, or 0.77%, to end at 52,380.66.The S&P 500 fell 0.48% to close at 7,636.36,and the tech-focused Nasdaq Composite declined 0.64% to settle at 26,253.34.
The 10-year Treasury yields jumped to a 3-year high even as the Treasury Department tripled its buyback operation of longer-dated government bonds to $6 billion.
Meanwhile, Brent crude surgedabove $100 per barrelfollowing military exchanges in the Middle East.
What Are Bitcoin Whales Upto?
Leading chartist and on-chain researcher Ali Martinez noted that Bitcoin whale holdings have stayed flat over the past week.
“That suggests large holders are staying on the sidelines as they await the upcoming CPI report and FOMC meeting before making their next move,” the analyst stated.
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, viewed Bitcoin’s recent movement as a weak bounce and remained skeptical of any near-term upside.
“If this doesn’t hold $78,000, this can be one of those hard sweeps on the markets as I’d be willing to be buying anything around $74,000 for Bitcoin,” he added.
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