In the rest of the market, a mixed behavior is observed, highlighting the falls close to 3% in toncoin (TON).
The market of cryptocurrencies holds firm amid bond turbulence. Despite pressure on financial markets due to rising US equity yields, Bitcoin (BTC) manages to stay close to $28,000, while Ethereum (ETH) shows some weakness, but supports $1,600.
moderation The bond rally has been positive for the main cryptocurrency. In recent days, bond yields have risen significantly, with US 10- and 30-year bonds reaching highs since 2007, which has affected the risk appetite in the market. Although equities have suffered, cryptoassets, being much more volatile, have also been affected as they are often considered a leading indicator of equities.
However, a weak jobs report from ADP has eased pressure on the market.. The private consulting firm estimates that the United States created 89,000 jobs in the last month, almost half of what was expected by consensus, providing a respite for the market, which was under pressure due to bonuses. If the US confirms a bad jobs data this Friday, it could be enough to ease the situation further, as the recent rise in bond yields is largely due to the expectation of higher interest rates for longer. by central banks.
In this context, most cryptocurrencies have maintained adequate behavior, although the low performance of ETH stands out in the last days. Analysts were very optimistic about the short-term prospects of the market’s largest ‘altcoin’, especially after the recent arrival of several ETH futures exchange-traded funds (ETFs) on the market. However, the low trading volume of these securities has not provided the necessary support to the price of ETH.
Bitcoin: other factors that impact its price
In the legal field, the trial against Sam Bankman-Fried, former CEO and co-founder of the bankrupt FTX exchange. The Department of Justice has affirmed that the criminal charges brought against SBF have legal validity despite the lack of specific regulation for cryptocurrencies in the United States.. In addition, Ripple has obtained another legal victory before the Securities and Exchange Commission (SEC), which has asked that Coinbase’s appeal of the lawsuit filed by the regulator be dismissed.
In the rest of the market, a mixed behavior is observed, highlighting the falls close to 3% in toncoin (TON).
Source: Ambito
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