Crypto Markets Surge as Treasury Yields Retreat from Two-Decade High
Thursday saw Treasury yields retreat to their lowest level in nearly two decades as investors cashed in on a brief spike. This move had a ripple effect, causing cryptocurrencies to rise alongside stocks. Bitcoin broke through the $85,000 mark after days of stagnant trading, while Ethereum remained rangebound.
XRP and Solana saw modest gains, with cryptocurrency-related stocks also lifting. Strategy Inc. (MSTR) and Bitmine Immersion Technologies Inc. (BMNR) closed up 4.84% and 1.14%, respectively.
Coinglass data showed over $190 million in liquidated assets from the market in the last 24 hours, with $107 million of that coming from bullish long positions. Bitcoin's open interest spiked 2.39% during this period.
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, called Bitcoin's move above $84,800 a 'great' development, while Willy Woo noted the reduced ask liquidity above $85,000 should allow price to move up faster.