Bitcoin Slides To $26.5K Amid Surging U.S. Dollar
By Kapil Rajyaguru
Cryptocurrency markets slid lower on Friday as investors digested the repercussions of Federal Reserve Chair Jerome Powell’s hawkish remarks about keeping financial conditions tight and interest rates high for longer.
The bitcoin (BTC) price declined to around $26,600, down 1.5% over the past 24 hours, barely budged by positive news about delaying payouts related to the Mt. Gox implosion, a long-time source of selling pressure scare in digital asset markets.
Ether (ETH) broke below $1,600 and extended its losing streak against BTC, falling to a fresh 14-month low against the leading crypto asset. ETH was down 1.8% during the day,
Crypto majors suffered even steeper losses. Solana’s SOL, Polygon’s MATIC, Lido’s LDO and Optimism’s OP declined 3%-5% during the day.
The 10-year Treasury yield surged to a 16-year high, while the DXY index, which gauges the U.S. dollar’s strength against a basket of major currencies, jumped briefly near 106, the highest since the peak of the U.S. regional banking distress in March.
U.S. equity markets sold off as a result, with the broad-market index S&P 500 losing 1.6% and the tech-heavy Nasdaq Composite Index plunging 1.8%.
Strain on the equity market due to the strict Fed policy could drag on crypto prices, according to digital asset trading firm QCP Capital.
The global crypto market cap is $1.05T, a 2.51% decrease over the last day. The total crypto market volume over the last 24 hours is $31.25B, which makes a 14.04% increase. The total volume in DeFi is currently $2.37B, 7.59% of the total crypto market 24-hour volume. The volume of all stable coins is now $28.81B, which is 92.19% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.16%, a decrease of 0.16% over the day.
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