Bitcoin, Ethereum, Dogecoin Hold Firm As Bond Yields Fall

Bitcoin and other major coins were trading in the green on Wednesday evening as the global cryptocurrency market cap rose 2.25% to $1.9 trillion.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD 2.45% -5.3% $41,151.68
Ethereum ETH/USD 2.6%% -2.6% $3,115.64
Dogecoin DOGE/USD 1% -3.6% $0.14

Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Compound (COMP) +14.9% $149.76
Bitcoin Cash (BCH) +12.2% $341.8
Moonbeam (GLMR) +11.9% ​​$4.09

See Also: How To Get Free Crypto

Why It Matters: Yields on the benchmark 10-year Treasury yields continued to fall on the second day in a row. The yield fell 3.4 basis points to 2.693% on Wednesday, according to a Reuters report.

Bitcoin needs to show “more signs of life” as yields continue to decline on Treasuries, said Edward Moya, a senior market analyst with OANDA.

“A lot of the institutional money is seeing better volatility in equities and commodities and that might prevent some of the momentum buying that we normally see after Bitcoin defends a key technical level,” said Moya, in a note seen by Benzinga.

Moya said the $40,000 level remains “key” for the apex cryptocurrency and should hold if the risk appetite remains intact.

Cryptocurrency trader Michaël van de Poppe said he is watching out for a crucial level between $36,000 and $40,000 in a chart he shared on Twitter on Tuesday. 

The area I’m watching with #Bitcoin is marked green.

— Michaël van de Poppe (@CryptoMichNL) April 13, 2022

Also on Tuesday, Van de Poppe tweeted that Ethereum “acts stronger” than Bitcoin at this point. 

#Ethereum acts stronger than #Bitcoin at this point.

— Michaël van de Poppe (@CryptoMichNL) April 13, 2022

Ethereum traders were seen selling at the bottom, which according to cryptocurrency data feed provider Santiment signals an upcoming bounce. 

#Ethereum‘s market value is back above $3,100 after bottoming out at $2,960 to start the week. Our new ‘Ratio of On-Chain Tx. Volume in Profit/Loss’ ratio revealed that $ETH traders were selling at the bottom, a solid sign of an upcoming bounce.

— Santiment (@santimentfeed) April 13, 2022

Read Next: Bitcoin Factor: Why Cathie Wood Has Exited PayPal To Raise Stake In Jack Dorsey’s Block

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