Cryptocurrency Prices Bounce Back as Bond Yields Ease
Cryptocurrency prices rebounded on Friday amidst a pause in bond selloff and a decline in crude oil prices. The U.S. and Iran were exploring a phased deal to reopen the Strait of Hormuz, which contributed to the drop in crude oil benchmarks by over one percent.
A broad decline in global bond yields also helped sentiment towards cryptocurrencies. Ten-year bond yields eased in several countries including Canada, Germany, France, the U.K., Italy, Japan, and Australia, but hardened in the U.S., Spain, and Hong Kong.
The dollar's retreat supported crypto market sentiment, with the six-currency Dollar Index trading at 100.99, down 0.29 percent overnight. The likelihood of a quarter percentage rate hike by the Fed in October has fallen below 69 percent, according to the CME FedWatch tool.