The cryptocurrency market traded sideways on Tuesday, with the market capitalization losing 0.6 percent to reach $1.72 trillion. As of 1245 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, slipped to $42,800 with a decrease of 0.7 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $839.7 billion with this decrease. Bitcoin has been 1.7 percent up in the past seven days. Bitcoin held its position above the $42,000 mark despite a 14 basis points increase in the 10-year US Treasury bond yield. Federal Reserve Chair Jerome Powell’s statement that the Fed had little intention to cut rates in March did not shake the bullish sentiment, with the $42,000 level being defended. Despite this, the $42,000 level has seen defence by bullish investors. The next resistance for BTC is at $43,800, with support at $41,300. On the other hand, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, went up by 0.2 percent to reach $2,325. With this increase in price, the market capitalization of ETH has reached $279.4 billion. ETH has gained 0.5 percent of its value during the last seven days. However, Binance Coin (BNB) price decreased by 0.5 percent to reach $302. The market capitalization of BNB has reached $46.5 billion with this decrease.
Bitcoin slips to $42,800 amid uptick in US Treasury bond
Published on: February 7, 2024 1:50 AM