Bitcoin (BTC-USD) crossed the $93,000 mark Wednesday as the most popular cryptocurrency extended its rally to another record high before falling below $90,000 mark late afternoon, while other major digital assets also fell.
The CoinDesk Market Index, which tracks 126 digital assets, was up 0.1% in the past 24 hours. The Nasdaq 100 eased 0.1% in late trade, while the S&P 500 decreased and Dow Jones Industrial Average edged up fractionally.
By late afternoon, bitcoin was down 0.3% at $$88,971, after earlier touching an all-time high of $93,434, according to CoinMarketCap data. The digital currency's 24-hour trading volume fell 18% to $121.09 billion.
Inline but slight increase in inflation, as data released Wednesday suggested, solidifies the thesis that bitcoin is a wealth-preserving asset and investors are rushing to take that advantage, Matt Mena, crypto research strategist at 21Shares, said. The CPI data alleviated some of the uncertainty around digital assets as bitcoin broke the $90,000 barrier.
Ethereum (ETH-USD), the second-largest digital asset, dropped 3.4% to $3,193.
Solana (SOL-USD) declined 1.7%, while BNB (BNB-USD) lost 2.8%.
Dogecoin (DOGE-USD) climbed 1.3%, while XRP (XRP-USD) and Cardano (ADA-USD) shed 4.5% and 1.3%, respectively.
The US 10-year Treasury yield closed at 4.449%, up from Tuesday's close of 4.429%, while the five-year yield dropped to 4.299% from 4.312%.
The total market value of the cryptocurrency industry increased 0.5% in the past 24 hours to $2.99 trillion. Total trading volume decreased 15% to $307.16 billion.
Price: 284.39, Change: -34.75, Percent Change: -10.89
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