Cryptos Surge as Bond Yields Ease and Crude Oil Prices Fall
Cryptocurrency prices rebounded on Friday as bond yields eased and crude oil prices fell. The pause in the bond selloff and decline in crude oil benchmarks, which have both dropped over one percent, helped sentiment towards cryptocurrencies.
The six-currency Dollar Index, which measures the U.S. dollar's strength against a basket of 6 currencies, declined by 0.29 percent overnight to 100.99. This contributed to the rise in cryptocurrency prices, with aggregate crypto market capitalization increasing by 2.5 percent to $2.91 trillion.
A large liquidation of short positions also aided the increase in cryptocurrency prices. Of the total liquidations of $267 million witnessed in the past 24 hours, short liquidations accounted for the bulk at $169 million. Long liquidations totaled $97 million.