Although it lost roughly 0.5 percent, Bitcoin was still able to maintain its position over $26,000. Ethereum grew marginally but was unable to quickly surpass $1,600.

On Wednesday, Bitcoin and other cryptocurrency tokens were in trouble as market mood was dampened by signals of higher rates for an extended length of time. The riskier asset class fell as a result of the increase in US Treasury yields. Future market direction will be determined by global macroeconomic cues.

As the largest cryptocurrency token fell by around 0.5 percent but managed to maintain above $26,000 levels, Bitcoin was once again on a downward trend. Ethereum, its biggest rival, grew significantly along similar lines but was unable to quickly surpass $1,600. In the early going, cryptocurrency price activity stayed on the downward.

The price of bitcoin has recently stabilised over the $26,100 mark. The spike in the yield on US 10-year Treasury bonds, which hit its highest level in almost 16 years, may be to blame. The equities markets have also been impacted by this huge rise in interest rates.

The value of Bitcoin has increased by 0.58 percent this month and by an astonishing 58 percent year-to-date. Ethereum’s current trading range is between $1,550 and $1,600. In other news, the SEC has been requested to expedite the clearance of ETF applications by four members of the US House Financial Services Committee.

All major cryptocurrency coins were trading down on Wednesday, with a few outliers. Toncoin and Solana both experienced declines of more than 2% while Polygon experienced a 3% decline. Shiba Inu, Litecoin, and Polkadot all had a 1% decline.

The market capitalization of all cryptocurrencies was trading marginally lower, dropping to the $1.05 trillion mark after decreasing by roughly 0.5 percent over the previous day. Nevertheless, the overall trade volume fell by 15% to $19.47 billion. Dogecoin and BNB were among the gainers, rising by approximately 1% each.

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