Bitcoin Halving Pushes All Cryptocurrencies Higher π
Most major digital assets continued their rally Tuesday with bitcoin (BTC-USD) reaching new highs since its peak in November 2021.
The CoinDesk Market Index, which tracks 189 digital assets, was up 3.7% in the past 24 hours while the Nasdaq 100 and the S&P 500 rose 0.4% and 0.2%, respectively. The Dow Jones Industrial Average declined 0.3%.
Bitcoin (BTC-USD), the largest cryptocurrency by market value, was up 4.2% in the past 24 hours at $56,893 after reaching a day high of $57,227, according to CoinMarketCap data. Trading volume was $49.73 billion, up 55%.
Cryptocurrencies seized the investor spotlight again, with Bitcoin (CRYPTO: BTC) climbing over 4%, reaching an intraday high of $57,450 and hitting its highest level since Dec. 12, 2021.
This surge was attributed to consistent inflows into spot Bitcoin ETFs, the forthcoming supply halving, and the prevailing bullish sentiment from both retail and institutional investors.
β οΈ Trading tips: looking at calls above 202 but market has been dipping after open this week. Could be better to take calls at support between 191 to 193 into next week especially PCE data could rock the market on Thursday again! Trade safe π
Money flows back to crypto
Ethereum (ETH-USD), the second-largest digital asset, was up 1.7% at $3,239.
BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, was down 2.2% and Solana (SOL-USD), the fourth-largest, declined 1.2%.
XRP (XRP-USD) was up 5.6%, while Cardano (ADA-USD) and Avalanche (AVAX-USD) were little changed. Dogecoin (DOGE-USD) jumped 12%.
The total market value of the cryptocurrency industry was up 3.4% in the last 24 hours at $2.15 trillion. The total trading volumes increased 37% to $112.29 billion.
Bitcoin miners were seeing mixed performance on Tuesday. Marathon Digital Holdings Inc. (MARA) rose 3.6% to $30.19 on Tuesday, while Ebang International Holdings Inc. (EBON) dipped 0.1% to $10.44. Riot Platforms Inc. (RIOT) fell 3.3% to $16.80.
Riot Platforms (RIOT) agreed to buy 31,500 WhatsMiner M60S bitcoin mining machines from Shenzhen MicroBT Electronics Technology for $97.4 million.
Deliveries are scheduled for May and June, adding to capacity at the Rockdale, Texas, facility, Riot Platforms said Tuesday. Shares of the company fell 3.8% in recent Tuesday trading, paring earlier losses.
The US 10-year Treasury yield closed at 4.313% on Tuesday, compared with 4.291% Monday, while the five-year Treasury yield closed at 4.32%, up from 4.318%.
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