Crypto Market Dips 0.7% Amid Strong Dollar and Bond Sell-Off
The crypto market saw a slight decline of 0.7%, bringing its total market capitalization to $2.91 trillion. This retreat came amid a stronger US dollar and a bond sell-off, despite the Nasdaq-100 hitting new all-time highs. The cautious sentiment in the market is driven by concerns over potential escalations in debt markets, which could trigger broader sell-offs.
Bitcoin, the leading cryptocurrency, is currently trading at $85.2K. The asset failed to break through its recent highs and is now testing the upper boundary of its multi-week trading range. A break below $84K could signal further declines, potentially pushing Bitcoin towards $80K. The upward trend channel remains under threat, but a confirmed breakout has yet to occur.
Among individual cryptocurrencies, Filecoin, Internet Computer, and Near Protocol showed significant gains, while Dash, Stellar, and The Graph experienced notable drops. Strategy, a prominent player in the crypto space, continued its Bitcoin accumulation, adding 334 BTC worth $29 million to its reserves, bringing its total holdings to 848,000 BTC purchased at an average price of $75.4K.
Other notable movements include Strive's largest Bitcoin purchase since June, adding 2,000 BTC to its reserves, and BitMine's acquisition of 15,112 ETH, bringing its total Ethereum holdings to 6.016 million ETH. The Ethereum staking withdrawal queue has also reached a year-to-date high of 786,000 ETH, with a waiting time of over 13 days.