{"id":195026,"date":"2023-10-19T13:39:56","date_gmt":"2023-10-19T13:39:56","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195026"},"modified":"2023-10-19T13:39:56","modified_gmt":"2023-10-19T13:39:56","slug":"etf-hopes-limit-crypto-losses-while-global-markets-see-turbulence","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/bitcoin\/etf-hopes-limit-crypto-losses-while-global-markets-see-turbulence\/","title":{"rendered":"ETF Hopes Limit Crypto Losses While Global Markets See Turbulence"},"content":{"rendered":"

Cryptos traded in a declining mode but hovered close to the $1.08 trillion level in market capitalization even as financial markets<\/span> worried about war, health of the corporate sector, rising bond yields and the Fed’s likely interest rate trajectory. Expectations that the SEC would soon approve a Bitcoin Spot ETF limited losses in the crypto space.<\/p>\n

Escalating conflict in the Middle East and the clamor for regulatory action against use of cryptocurrencies for terror-financing also impacted crypto market sentiment.
Ten-year bond yields in the U.S. rose to 4.987 percent, within striking distance of the psychological 5-percent level, amidst apprehensions that Fed would keep interest rates higher than expected for a longer period than feared. An increase in interest rates bodes ill for cryptocurrencies as it increases the opportunity cost of holding non-interest-bearing cryptocurrencies. The rise in bond yields comes amidst anxiety ahead of the Fed Chair Jerome Powell’s speech on Thursday afternoon and recent hawkish rhetoric from Fed officials.<\/p>\n

The CME FedWatch tool shows target probabilities for a quarter-point rate hike in the December Fed Review rising to 40.7 percent, from 36.9 percent a day earlier and 32.1 percent a week earlier. However, expectations of interest rate traders indicate only an 8.1-percent likelihood for a quarter-point rate hike in the Fed’s review scheduled for November. It was 6.6 percent a day earlier and 13.3 percent a week earlier. <\/p>\n

Bitcoin (BTC) traded firmly above the $28k level, gaining more than half a percent overnight and 6.2 percent in the past week. BTC is currently changing hands at $28,475.30, having touched a high of $28,566.75 and a low of $28,174.25 earlier in the trade.<\/p>\n

Ethereum (ETH) slipped 1.6 percent overnight but is holding on to minor gains in the past week. Ether also traded firmly above the $1.5k level in the past 24 hours. It is currently being traded at $1,552.99.<\/p>\n

4th ranked BNB (BNB) slipped close to 1 percent whereas 5th ranked XRP (XRP) and 8th ranked Cardano (ADA) slipped 1.6 percent in the past 24 hours.<\/p>\n

7th ranked Solana (SOL) added close to 1 percent. <\/p>\n

9th ranked Dogecoin (DOGE) slipped 0.90 percent whereas 10th ranked TRON (TRX) slipped 0.1 percent below the flatline.<\/p>\n

44th ranked Bitcoin SV (BSV) topped overnight gains with a surge of 7.5 percent as well as weekly gains with an addition of 28.5 percent.<\/p>\n

On the laggards’ side, 76th ranked ApeCoin (APE), 71st ranked Trust Wallet Token (TWT), 82nd ranked Rocket Pool (RPL) and 70th ranked Flow (FLOW) have all slipped more than 4 percent in the past 24 hours.<\/p>\n

For More Cryptocurrency News, visit rttnews.com <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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