Bitcoin, Ethereum, Dogecoin Tumble As US 10-Year Yield Touches 16-Year Highs: Analyst Says, 'Fake Satoshi' Account Opens Window To Buy The Dip

Major cryptocurrencies faced a downfall as the U.S. 10-year yield surged to its highest level in over 16 years.

What Happened: Interest rates continued to rise as the U.S. 10-year Treasury yield surged by an additional 11 basis points to reach 4.69%. This increase was driven by unexpectedly robust manufacturing data, which highlighted the strength of the U.S. economy. The ISM figures recorded a reading of 49, surpassing the forecasted 47.7 and indicating the possibility of more rate hikes in the future.

On Monday, the yield on a 30-year Treasury surged above 4.80%, perilously inching closer to the critical 5% threshold. The ongoing surge in yields has translated into a substantial erosion of market value for these long-duration assets.

In other news,  an X account by the name of Satoshi Nakamoto has resurfaced after a five-year hiatus on the social media platform. The account is now discussing Bitcoin’s attributes in detail.

It should be noted that there is no official verification confirming that this account truly belongs to Nakamoto. Therefore, investors are advised to exercise caution when engaging with any token drop associated with the account.

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Currently, the global crypto market capitalization stands at $1.12 trillion, a 3.16% increase in the last day.

The US stock market witnessed a rise as legislators reached a short-term agreement, avoiding a government shutdown. The S&P 500 closed at 4,288.39 with a slight increase of 0.01%. Meanwhile, the Nasdaq Composite continued its positive streak, closing at 13,307.77 and marking its fourth consecutive day of gains. 

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Analyst Notes

Crypto analyst Michael Van de Poppe predicts that Bitcoin will rebound to $28,400, indicating that now is the opportune moment to buy the dip. "I’m assuming that we’ll see some retests on lower boundaries at $27,000-27,500 before we’ll continue, but breaking $30,000 opens the gates to $40,000 really fast."

Pseudonymous analyst Kaleo suggests that Fake Satoshi’s actions present an opportunity to buy the dip for those who missed yesterday’s breakout. "I have a feeling Uptober isn’t over yet."

According to Crypto Tony, he expects BTC levels between  $28,500 – $29,500 to be major resistance. "And as you know $28,500 was my target so i did take more profit today off that."

On-chain analytics platform Santiment reported that shortly before Bitcoin surged above $28K, there were four transactions valued between $187M and $346M. This comes as a positive indication, as the supply of BTC on exchanges has decreased from 5.99% to 5.73% since September 1

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Photo by Igor Faun on Shutterstock

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