Crypto Markets Surge as Treasury Yields Rise
Crypto markets experienced a surge on Thursday as leading assets like Bitcoin, Ethereum, XRP, and Dogecoin rose in value. The price of Bitcoin oscillated between $82,900 and $84,800, while Ethereum battled strong resistance at $2,700.
The global cryptocurrency market capitalization reached $2.97 trillion, a 0.5% increase from the previous day. This growth came despite investors weighing a spike in Treasury yields and heightened odds of further rate hikes.
A significant drop in open interest accompanied Bitcoin's price increase, indicating short covering as traders who previously sold the asset short are now buying it back. The Crypto Fear & Greed Index also showed 'greed' sentiment prevailing in the market.
Ali Martinez, a cryptocurrency analyst and trader, noted that whale investors are accumulating BTC during the dip. Over the last four days, these whales have accumulated roughly 30,269 BTC worth $2.57 billion.