Bitcoin was trading below the $19,000 mark as Global on Sunday evening cryptocurrency The market cap fell 1.6% to $912.5 billion as of 9:17 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -1.45% | -0.8% | $18,990.20 |
| ether ETH/USD | -2.1% | -1.6% | $1,276.75 |
| Dogecoins DOGE/USD | -1.6% | -2.1% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| TerraClassicUSD (USTC) | +12.2% | $0.04 |
| Trust wallet token (TWT) | +2.8% | $1.10 |
| Holiday USD (FEI) | +0% | $1 |
See also: Best cryptocurrencies to hedge against inflation
Why it matters: Bitcoin and Ethereum were lower for the day as stocks ended a two-day rally on Wednesday. The second largest cryptocurrency traded below the psychologically important $1,300 mark. As of this writing, the S&P 500 and Nasdaq futures are down 0.6% and 1.1%, respectively.
On Wednesday, Minneapolis Fed President Neel Kashkari said if No progress was made on underlying inflation He sees no need to advocate stopping rate hikes.
US Treasuries sold off on Wednesday, with the benchmark 10-year Treasury yield climbing to its highest level since mid-2008. The yield surpassed 4.1% as investors feared further rate hikes. At the time of writing, the return is 0.46% higher at 4.15% on the intraday, according to Trading Economics data.
The dollar index, a measure of the greenback’s strength against six of its peers, was up 0.08% at 113.07 at the time of writing.
OANDA’s Lead Market Analyst Edward Moyasaid, “Cryptos remain grounded as major yield move drives strong dollar trading.”
“Bitcoin continues to hold the $19,000 level despite a solid move higher in yields. Bitcoin’s resilience has been impressive but will likely be tested over the next few weeks,” Moya said in a note seen by Benzinga.
Justin Bennett warned his followers on Twitter that many “important…
