Crypto Markets Soar as Treasury Yields and Fed Policy Take Center Stage

Crypto markets experienced a surge on Sunday, with Bitcoin, Ethereum, and Dogecoin rising in value. The gains came as investors weighed in on Treasury yields and the Federal Reserve's cues on interest rate policy. According to Coinglass data, roughly $130 million was liquidated from the cryptocurrency market in the last 24 hours, with $105 million in bearish short positions wiped out.

Bitcoin briefly approached $87,000 in a late-evening surge, while Ethereum stalled at $2,730. Dogecoin rose 4% over the previous day. The global cryptocurrency market capitalization crossed $3 trillion after an increase of 0.70% over the last 24 hours.

Crypto analyst Ali Martinez noted that Bitcoin's recent Sunday gains have reversed into Monday declines, while Sunday declines have preceded rebounds. Martinez said, 'With BTC up more than 1% today, that pattern is back in focus.'

Meanwhile, crypto trader Quinten François highlighted that Bitcoin's long-term holders made it through a full bear market 'without being pushed into losses.' The chart showed that Bitcoin long-term holders' Market Value to Realized Value ratio remained above 1 through the latest downturn.