Bitcoin is trying to break out of a narrow trading range amid negative pressure
The prices of the digital currency “Bitcoin” rose during trading on Tuesday, to extend its gains for the second day in a row, recording the highest level in a week above $ 27,000, as part of the currency’s attempts to get out of the narrow trading range that it controls on Over the course of two weeks. These attempts come amid negative pressures on the crypto-asset market, especially the new jump in the ten-year US Treasury bond yield, which undermines risk sentiment and provides better investment opportunities.
Bitcoin price today:
On the “Bitstamp” exchange, the digital currency “Bitcoin” rose by about $ 624, equivalent to more than 2.3%, to the highest $ 27,478.
In about a week, from the opening price of today’s trading at $26,854, and recorded the lowest level at $26,810. When settling Thursday into Monday on the Bitstamp exchange, bitcoin prices rose 0.4%, marking the third gain in the last four days. On Tuesday, the market capitalization of cryptocurrencies rose by more than $20 billion to a total of $1.145 trillion. Thanks to the rise in Ethereum prices to the highest level in two weeks, and the rise in the prices of Bitcoin and other major currencies.
Ethereum
The Ethereum network carried out an upgrade last April, allowing investors to withdraw pledged Ethereum coins to help operate the network in exchange for rewards.
Bitcoin
Over the past two weeks, the trading of the largest cryptocurrency in the world, “Bitcoin”, has receded in a narrow range between $ 26,500 to $27,500, amid weak liquidity and scarcity of factors that lead to price movements in large ranges.
yield on US bonds
The 10-year US Treasury yield rose 0.9% on Tuesday, extending its gains for the eighth day in a row respectively, recording the highest level in two months at 3.753%, which undermines sentiment in the risky asset markets. This development in the US bond market follows more hawkish comments from some Reserve Bank officials The Federal Reserve calls for continuing to raise US interest rates to control inflation far from the target of 2%. Senior market analyst at OANDA, Edward Moya, said that the rise in US Treasury bond yields is negatively affecting emerging companies in the field of cryptocurrency. Crypto expert Noelly Acheson said any sign of a US interest rate hike would reduce the attractiveness of money to assets with interest High risk, as it is likely to undermine bringing more investment funds into the cryptocurrency market.