Today’s Crypto Prices: Bitcoin stays at $26,000; Ethereum approaches $1,600; Polygon experiences a 3% decline
Bitcoin and Other Cryptocurrencies Stumble as Macro Factors Weigh Down Sentiments
On Wednesday, the cryptocurrency market faced a downward trend as investors reacted to the possibility of higher interest rates for a longer period and the rise in US Treasury yields, affecting the volatile asset class. The global macroeconomic cues are expected to guide the future trends of the market.
Bitcoin and Ethereum’s Movement
Bitcoin, the largest cryptocurrency, saw a decline of about half-a-percent but managed to remain above the $26,000 level. Meanwhile, Ethereum, the second-largest crypto token, experienced a slight uptick but struggled to surpass the $1,600 mark. Altcoins also showed downward movement in the early hours.
The Impact of US Treasury Yields
The surge in US 10-year Treasury yields to the highest level in about 16 years has influenced the consolidation of Bitcoin’s value above the $26,100 threshold. Edul Patel, Co-Founder & CEO at Mudrex, highlighted the significant increase in interest rates, stating that this has also affected the equity markets.
Crypto Market Performance
Most of the top cryptocurrencies experienced a decline on Wednesday, with Polygon dropping about 3%, while Toncoin and Solana declined more than 2% each. Polkadot, Litecoin, and Shiba Inu also saw a one percent decrease. The global cryptocurrency market cap dropped by half-a-percent to $1.05 trillion and the total trading volumes plunged about 15% to $19.47 billion.
In contrast, Dogecoin and BNB were among the few gainers, rising by about a percent each.
Expert Analysis and Future Predictions
Giottus Crypto Platform’s analysis revealed that Bitcoin is consolidating just below its key moving averages after failing to decisively breach them earlier in the month. It was also mentioned that the asset needs to take out the $28,200 level around its 100-day MA to maintain a bullish bias.
The support and resistance levels for Bitcoin were highlighted as $26,000, $25,100, $24,500 and $26,500, $27,500, $28,200, respectively.
Market Analysis
Finally, according to the Company’s statement, “Views and recommendations given in this section are the analysts’ own and do not represent those of the Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.”
This news comes at the same time as a number of other important financial developments, including the viewpoint of the Investment platform and the recommendations from various analysts regarding different sectors of the stock market.
The future of Bitcoin and other cryptocurrencies continues to be uncertain as the impact of macroeconomic factors continues to influence the market sentiments.
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