Cryptocurrencies and related stocks slide as Treasury yields hit multi‑year highs
Bitcoin fell below $83,000 and Ethereum slipped under $2,600 after the Federal Reserve’s September meeting minutes pushed the 10‑year Treasury yield to 5.36%, its highest level since April 2002. Crypto‑related equities MicroStrategy and Bitmine Immersion dropped 6.79% and 5.90% respectively. Over $700 million of crypto positions were liquidated in the last 24 hours, including $646 million of bullish long contracts. Analysts Ali Martinez and Michaël van de Poppe noted technical buy signals for Bitcoin at the $83,000 support level.
Why it matters
The price declines hurt holders of Bitcoin, Ethereum and the listed crypto‑related stocks, potentially prompting short‑term selling pressure. The analysts’ buy‑signal commentary suggests a possible rebound, which could influence short‑term trading strategies for market participants.
Key facts
- 1Bitcoin sank below $83,000. benzinga.com
- 2Ethereum lost its $2,600 support level. benzinga.com
- 3MicroStrategy (MSTR) closed down 6.79%. benzinga.com
- 4Bitmine Immersion (BMNR) closed down 5.90%. benzinga.com
- 5Crypto liquidations exceeded $700 million in the last 24 hours. benzinga.com
- 6$646 million of bullish long positions were wiped out. benzinga.com
Summary written by AlphAI from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.