Live updates: Bitcoin turns lower as rates rise, consumer confidence plunges
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitcoin rose 1% to just above $84,200, with buyers stepping in after dips to about $82,500 as the 10-year Treasury yield remained near 5.25%. U.S. spot bitcoin ETFs attracted approximately $31 million on Monday, while ether funds gained about $17 million, according to SoSoValue data. Other major cryptocurrencies showed mixed performance, with Ether up 2%, DOGE 3%, XRP 2%, and ZEC down 9%.
Why it matters
The source suggests the inflows into Bitcoin and Ether ETFs indicate investor interest amid a cautious market environment. The overall cryptocurrency market is attempting a rebound but remains technically in a short-term downtrend below the $2.90 trillion level. The strengthening U.S. dollar and equity market uncertainty contribute to market unease, impacting sentiment and price movement.
Key context
Cryptocurrencies totaled about $2.87 trillion market capitalization, up from lows near $2.83 trillion last week. Bitcoin found support after cooling off from previous growth momentum. The 10-year Treasury yield has climbed to its highest level since 2007 at around 5.25%, which affects investor behavior across asset classes.
Key numbers and entities
Bitcoin price moved above $84,200, with dips near $82,500. Ether neared $2,720. U.S. spot bitcoin ETFs drew about $31 million, ether funds $17 million, SOL and XRP funds combined $17 million, and ZEC fund lost about $8 million. The total cryptocurrency market capitalization was at $2.87 trillion. Alex Kuptsikevich of FxPro provided market analysis.
What remains unclear
The source does not detail which specific ETFs attracted the inflows or the exact investor profiles driving these movements. It does not clarify the possible medium- or long-term implications of Treasury yield changes on crypto prices. The reasons behind ZEC's notable outflow and price drop are not explained.