Crypto Tokens Experience Drop in Prices as US 10-Year Yield Spikes
Bitcoin and other cryptocurrency tokens are facing a steep decline in their value as the US 10-year yield reaches its highest level in over 16 years, signaling a sharp turn in investor sentiment. Reports also suggest that the newly launched ether futures exchange-traded funds (ETFs) have failed to attract interest from investors, leading to low trading volumes on their first day.
Bitcoin and Ethereum Bear the Brunt
In early trading on Tuesday, Bitcoin dropped about 2 percent, but managed to hover around the $27,500 mark. Ethereum, the second-largest cryptocurrency, also saw a decline of about 4 percent, barely staying above the $1,600 level. The overall action in the altcoins market indicated a looming weakness.
Bitcoin’s Whirlwind Movement
Bitcoin briefly surpassed the crucial resistance level of $28,500, which also happens to be the 50-day Exponential Moving Average (50 EMA). However, the optimism was short-lived as bears regained control, pushing Bitcoin back to around $27,500. This sharp volatility has led to the highest trading volumes in over a month, according to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
Top Cryptos Trade Lower
Not just Bitcoin and Ethereum, but all major cryptocurrency tokens experienced a drop in their value on Tuesday. Toncoin fell about 5 percent, Shiba Inu dipped 4 percent in early trading, and Polkadot and Litecoin both declined by 3 percent. Similarly, Tron, Dogecoin, Shiba Inu, and Solana also saw drops of over 2 percent each.
Global Crypto Market Takes a Hit
The overall cryptocurrency market cap worldwide plummeted to $1.09 trillion, marking a 2 percent decline in the last 24 hours. Despite this, the total trading volumes surged about 30 percent to reach $43.71 billion.
Expert’s View on RNDR Token
WazirX Trade Desk shared insights on RenderToken (RNDR), a decentralized GPU rendering network running on the Ethereum blockchain. The trend for RNDR/USDT was on a downward spiral since June 2023, but it recently broke out of the descending triangle pattern and crossed its 20-day moving average. The daily RSI also points to a strong price momentum, with the next resistance expected at 1.86 USDT and immediate support at 1.7 USDT.
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I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
