Bitcoin edged slightly higher over 24 hours on Tuesday, while Ethereum and Dogecoin lost some ground, as the global cryptocurrency market cap rose 0.1% to $1.7 trillion at press time.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.6% | 0.8% | $38,768.91 |
| Ethereum ETH/USD | -0.8% | 0.9% | $2,550.19 |
| Dogecoin DOGE/USD | -1.6% | -5.1% | $0.11 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| THORChain (RUNE) | +15.7% | $7.63 |
| eCash (XEC) | +10.6% | $0.000081 |
| The Graph (GRT) | +7.2% | $0.36 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: U.S. Treasuries yields touched their highest levels in two-and-a-half years on Tuesday ahead of a possible rate hike by the Federal Reserve. The benchmark 10-year yields touched 2.169%, a level not seen since June 2019, according to a Reuters report.
“Bitcoin remains trapped in a tight range despite improving sentiment for risk. The surge in Treasury yields over the past week has handcuffed Bitcoin, and tomorrow’s (Federal Open Market Committee) decision should open the doors for a massive move,” said Edward Moya, a senior market analyst in a note seen by Benzinga.
Moya said the Bitcoin ceiling has been at the $45,000 level, and that could be tested should the U.S. central bank take a “more gradual approach with tightening.”
Cryptocurrency trader Michaël van de Poppe tweeted that there was “tons of liquidity” beneath the current price of Bitcoin.
A positive for cryptocurrencies this week includes Bitcoin avoiding a “ban” by the European Parliament and Binance obtaining regulatory approval to operate in Bahrain. This is the first such approval for the Changpeng Zhao-led trading platform in the Middle East.
“These regulatory advancements from the Middle East and the EU show the support that crypto is receiving around the globe, as the industry is proving itself to be an unstoppable force towards mainstream adoption in the long term,” said Marcus Sotiriou, an analyst for UK-based digital asset broker GlobalBlock in a note.
Justin Bennett, a cryptocurrency trader, said that Ethereum is poised to gain on the apex coin.
“We just need markets to stay constructive following Wednesday's FOMC,” said Bennett on Twitter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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