Cryptos Surge as Bond Yields Ease and Oil Prices Fall
Cryptocurrency prices rebounded on Friday as bond yields eased and crude oil prices fell.
The decline in global bond yields, which include Canada, Germany, France, UK, Italy, Japan, and Australia, helped sentiment towards cryptocurrencies. However, US ten-year bond yields hardened slightly.
A large liquidation of short positions also contributed to the rise in cryptocurrency prices, with $169 million in short liquidations compared to just $97 million in long liquidations.
The dollar's retreat and decreased likelihood of a quarter percentage rate hike by the Fed in October further supported crypto market sentiment. The six-currency Dollar Index fell 0.29% overnight, while the CME FedWatch tool showed the probability of a hike falling below 69%.