Bitcoin Edges Higher Amid Mixed Crypto Market Dynamics
The cryptocurrency market has seen mixed dynamics over the past 24 hours, according to APA-Economics. Bitcoin experienced a slight increase of 0.22% to $83,249.65, despite falling by 3.98% in the last seven days.
However, high US Treasury yields and expectations of interest rate hikes continue to put pressure on risky assets. Analysts attribute the slight increase in Bitcoin to falling oil prices and the easing of the previous sharp sell-off in the US Treasury market.
Ethereum rose by 0.20% to $2,670.60, while Zcash increased by 1.83% to $1,402.57. BNB gained 0.07% to reach $759.45, but Monero fell by 0.31% to $538.70.
Gold-backed cryptocurrencies also recorded gains, with PAX Gold (PAXG) rising by 0.86% to $4,180.23 and Tether Gold (XAUT) increasing by 0.83% to $4,173.46.