Bitcoin Holds Steady Amid Mixed Market for Cryptocurrencies

by Warren Seah

Bitcoin saw a modest rise on Thursday amidst a varied market for cryptocurrencies. In the global economic landscape characterized by surging bond yields, the crypto sector’s attention remains focused on any updates surrounding the trial of FTX founder Sam Bankman-Fried.

Over the past 24 hours, Bitcoin experienced a 0.4% increase, reaching $27,641. Following a previous surge earlier in the week, the leading cryptocurrency seems to be stabilizing within the range of $26,000 to $28,000.

Despite the recent selloff in stocks and other high-risk assets, Bitcoin has demonstrated resilience. This can be attributed to the surge in global bond yields, which have reached multiyear highs. Bullish traders hope that October will continue to play out as a historically positive month for the cryptocurrency.

“We believe that the US Federal Reserve’s tightening cycle is nearing its end, which provides some level of protection against further downside in crypto at current levels,” stated Manuel Villegas, an analyst at Julius Baer.

In contrast to Bitcoin’s performance, other cryptocurrencies have seen declines. Ether, the second-largest cryptocurrency, experienced a 0.5% drop, with its value now at $1,639. Similarly, altcoins have also entered the red zone, with Cardano falling by 0.1% and Solana experiencing a 2.6% drop. Memecoins have followed suit, with Dogecoin declining by 0.5%.

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