Bitcoin and Other Crypto Tokens Face Bloodbath Amid Spike in US 10-Year Yield
In the early trading session on Tuesday, Bitcoin and other crypto tokens were facing a severe downturn as the US 10-year yield spiked to its highest level in over 16 years. The much-anticipated ether futures exchange-traded funds (ETFs) failed to attract the interest of investors, leading to low volumes reported on their first day of trading.
Bitcoin and Ethereum Take a Hit
Bitcoin, the largest crypto token, saw a 2% drop but managed to hold at $27,500, while Ethereum, its largest peer, tumbled about 4% to barely hover above the $1,600 mark. The altcoins were also signaling towards weakness as well.
Market Volatility and Smartcon Event
Bitcoin momentarily broke above the crucial $28,500 resistance, which is also the 50-day Exponential Moving Average (50 EMA), before falling back to around $27,500. This volatility resulted in the highest volumes seen in over a month.
Shubham Hudda, Senior Manager of CoinSwitch Markets Desk, commented on the market’s high volumes due to this volatility. Meanwhile, Chainlink’s flagship event Smartcon began in Barcelona, Spain on the same day. However, after reaching its 18-month range high, LINK steadily fell in line with the popular ‘buy the rumor, sell the news’ narrative.
Top Crypto Tokens on a Downward Trend
All top crypto tokens were experiencing a decline in trading on Tuesday. Toncoin tumbled about 5%, Shiba Inu dived 4%, Polkadot and Litecoin declined 3%, and Tron, Dogecoin, Shiba Inu, and Solana shed more than 2% each.
Global Cryptocurrency Market Cap and Trading Volumes
The global cryptocurrency market cap had significantly dropped to $1.09 trillion, declining by as much as 2% in the last 24 hours. However, the total trading volumes rallied approximately 30% to $43.71 billion.
Tech View by WazirX Trade Desk
The Tech View section by WazirX Trade Desk focused on RenderToken (RNDR), a decentralized GPU rendering network operating on the Ethereum blockchain. The daily time-frame for RNDR/USDT showed a declining trend since June of 2023 but has now broken out of the descending triangle pattern and edged above its 20-day moving average. The daily RSI also indicates strong price momentum, with the next resistance expected at 1.86 USDT and an immediate support at 1.7 USDT.
Disclaimer
The views and recommendations expressed in this section represent the analysts’ own and do not reflect those of Business Today. Readers are advised to consult their financial advisers before taking any position in the mentioned assets.
Additional Reading
The article concluded by providing links to other related articles, allowing readers to explore stock recommendations and top stocks to watch on October 3, 2023, along with other recent financial news.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
