Bitcoin, Ethereum, XRP, Dogecoin Slide up to 5% as Bond Yields Hit 24-Year Highs

Bitcoin broke below $84,000 support Wednesday as Treasury yields surged to 24-year highs.

Cryptocurrency	Ticker	Price
Bitcoin	(CRYPTO: BTC)	$83,332.93
Ethereum	(CRYPTO: ETH)	$2,558.02
Solana	(CRYPTO: SOL)	$116.70
XRP	(CRYPTO: XRP)	$1.42
Dogecoin	(CRYPTO: DOGE)	$0.0885
Shiba Inu	(CRYPTO: SHIB)	$0.055392

Notable Statistics:

• Coinglass data shows 124,815 traders were liquidated in the past 24 hours for $716.71 million.       
• SoSoValue data shows net inflows of $118.9 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $201.9 million.
• In the past 24 hours, top gainers include Raydium, Bitway and Figure Heloc.

Notable Developments:

• XRP Plummets 4% to $1.43: What is Going On?
• Bitcoin Analyst Who Sold the Top Is Bearish Again: ‘I’m Building Shorts’
• Bitcoin’s Rally Ran on Thin Volume: Is a Cascade to $81,000 Next?
• Robinhood Joins Strategy, Tesla In Holding Bitcoin, Exec Says: ‘We Care Deeply About Bitcoin’
• Bitcoin Plunges to $83,500, ETH, XRP Lose Over 3%: What Is Going On?
• PENGU, DOGE, SHIB Plunge 7% as Pudgy Penguins’ Parent Exits Blockchain
• Eric Trump Says Crypto Can ‘Declare Victory’ Over Banks: Is He Right?
• Tom Lee Says Bitmine Will ‘Stop’ Buying ETH—BMNR Falls 6%

Trader Notes:

Heavily followed key opinion leader Scott Melker said in an interview with industry expert Noelle Acheson that a surging 10-year yield and oil above $100 act as major macro headwinds weighing on Bitcoin.

The bullish macro thesis is that worsening Treasury-market stress eventually forces liquidity intervention, which could become the next major catalyst for Bitcoin.

Image: Shutterstock