Bitcoin rose, but other major coins pulled back Tuesday as investors weighed the implications of a falling U.S. dollar and yields on government debt.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:15 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.40% | $119,262.73 |
| Ethereum (CRYPTO: ETH) |
-0.99% | $3,747.04 |
| Dogecoin (CRYPTO: DOGE) | -1.58% | $0.2664 |
What Happened: Bitcoin climbed to an intraday high of $120,269.97 before sliding to the early $119,000s overnight. The coin’s trading volume rose by 6.14% over the last 24 hours.
The rise comes amid a weakening dollar and falling Treasury yields, as expectations for interest rate cuts remain elevated. Spot gold also surged to its highest point in over a month.
Ethereum’s advance, on the other hand, calmed down as investors began taking profits after the second-largest cryptocurrency went beyond $3,800. The coin was still up 20% in a week.
Cryptocurrency liquidations hit $390 million in the last 24 hours, with $256 million in long positions erased. Ethereum alone recorded $130 million in liquidations.
Bitcoin’s open interest rose 1.12% in the last 24 hours to $86.20 billion, while funds locked in Ethereum’s derivatives declined by 3.36%.
“Greed” sentiment strengthened from 72 to 74 in the last 24 hours, …