Cryptocurrency Market Fails to React to Easing Bond Yields
The cryptocurrency market showed little enthusiasm despite the easing of bond yields in the US. The release of private businesses' job additions data, which came in below expectations, triggered a decrease in Fed rate hike bets and a reduction in sovereign bond yields across various tenors. However, this didn't translate to gains for cryptocurrencies.
The overall cryptocurrency market capitalization dropped 1.14 percent overnight to $2.6 trillion, while trading volumes increased by 2 percent. The liquidation of long positions exceeded that of short positions, with long positions amounting to $280 million and short positions at $72 million.
Bitcoin (BTC) is currently trading 1.2 percent lower on an overnight basis at $77,100.03. Ethereum (ETH) is trading 1.7 percent lower at $2,401.53. The market anxiety ahead of the upcoming monthly payrolls data may be contributing to the sentiment.