Bitcoin, Ethereum and XRP fall as yields, oil rise
Bitcoin, Ethereum and XRP moved lower as higher oil prices, rising Treasury yields and a stronger U.S. dollar pressured digital assets. Bitcoin fell to $83,323, Ethereum to $2,564 and XRP to $1.42.
By Callum Keown The Bitcoin rally was going so well. S. dollar. That tricky triumvirate was putting pressure on digital assets on Wednesday.
7% over the past 24 hours, according to CoinDesk. It's still up 30% over the past three months, though. 42. S.
24 -- on pace for its highest close since April 9, 2025. All of that meant crypto-related stocks were falling Wednesday. 4%. 7%.
The moves come despite the odds of a rate increase later this month fading. Traders now see a 78% chance of the Federal Reserve holding rates steady, down from 62% a week ago, according to CME's FedWatch tool. That ought to be good news for digital assets, as higher interest rates tend to make alternative yielding assets relatively more attractive than cryptos. The Fed minutes later on Wednesday could yet change the picture on the path of rates.
"In the near term, I am watching how Treasury yields respond to the Fed minutes and whether the long end continues to move higher," Tesseract Group analyst Oliver Carding said. "On Bitcoin, the immediate levels have shifted lower: a recovery through $86,500 to $87,000, where the market has recently struggled, would suggest buyers are absorbing the pressure from higher yields, oil and the dollar," he added. However, a break below $83,000 would open up a possible move toward $80,000, he noted. com This content was created by Barron's, which is operated by Dow Jones & Co.
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