[시황] Soaring U.S. Treasury yields, Bitcoin also affected?

Bitcoin price steadily fell.

■ As of 10 o’clock this morning, Bitcoin traded at around $46,500 each. That’s an 8% drop in 24 hours.

■ Over the course of 24 hours, the price of Bitcoin went between $46,000 and $52,000.

■ Looking at the price chart, the bitcoin price was below the 10-hour and 50-hour moving averages. According to technical analysis, this is a bearish signal.

Volume was much lower than earlier this week, when bitcoin prices plummeted 15% and traders were struggling to adjust their positions. The decline was also the largest since March last year, when the corona19 pendemic broke out.

As of 6 a.m. today, the spot trading volume of the eight major exchanges included in CoinDesk 20 was about $4 billion. On the 22nd and 23rd, it was much lower than the 10 billion dollar trading volume and less than the 5 billion dollar on the 24th.

The size of the bitcoin option pending contract in the derivatives market recorded a record high of $13 billion on the 21st and has declined slightly and is recovering.

“The bitcoin market had a relatively quiet day,” said Eve Leno, chief trader of cryptocurrency payment platform Wirex. Long-term futures contracts worth $6 billion were also liquidated. The bitcoin market is now trying to harden the price above $50,000.” Leno said, “Traders were still cautious. The pipe net tax continues.“He added.

As CoinDesk reported earlier, traders are watching the potential impact of soaring U.S. bond rates on Bitcoin prices. Yesterday the U.S. stock market started on a downtrend as investors became more concerned about the surge in interest rates on 10-year Treasury bonds. Some of the traditional financial markets analyzed that rising government bond yields, often interpreted as a precursor to inflation, could trigger a rise in interest rates in the Federal Reserve. When interest rates rise, stock prices usually fall.

But The surge in government bond yields doesn’t seem to have had a big impact on bitcoin prices yesterday. Unlike stocks that started on a downtrend, bitcoin even crossed $52,000 at one point in the early days of opening.

Andrew Tuo, Managing Director of Efficient Frontier, a trading company, said, “There are investors who are buying as if they have been waiting for Bitcoin to go below $50,000. I do” he said.

According to several market indicators, bitcoin traders and investors are generally optimistic even after extreme price fluctuations earlier this week.

In Coinbase Pro, an institutional investor-oriented cryptocurrency exchange, bitcoins have moved to trust wallets in large numbers. This indicates that institutional investors are confident in the long-term value of Bitcoin.

In the options market, the ratio of open commitments between put and call options remained below 1. This means that despite the recent sell-off, many traders still buy call options rather than put options.

Ether price also remains unchanged

Ether (ETH), the second largest cryptocurrency market capitalization, traded at around $1468 each as of 10:00 this morning. It is about 11% decline in 24 hours.

Jason Lau, chief operating officer of the US cryptocurrency exchange OKCoin, said, “It is noteworthy that the price of ether is actually driven by bitcoin. . In the future, we will keep an eye on Ether and Bitcoin trading pairs.”

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