Bitcoin, Ethereum, XRP, Dogecoin Gain Amid Treasury Yields Spike: Analyst Says Whales Are 'Buying the Dip

Leading cryptocurrencies ticked higher on Thursday even as investors weighed a spike in Treasury yields and heightened odds of further rate hikes.

Crypto Market Steady

Bitcoin oscillated in the $82,900-$84,800 range, while Ethereum battled strong bear resistance at $2,700.

Cryptocurrency-related stocks rose, with Coinbase Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 0.55% and 2.08%, respectively. 

Over $340 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.

Bitcoin’s open interest dipped 0.77% over the last 24 hours. A drop in Open Interest accompanied by an increase in price typically indicates short covering, meaning traders who previously sold the asset short are now buying it back.

"Greed" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.97 trillion, up 0.5% from the previous day.

Bond Yields Pressures Stock Market

The Dow Jones Industrial Average shed 161.61 points, or 0.31%, to end at 51,349.98. The S&P 500 dipped 0.02% to close at 7,704.13. The Nasdaq Composite eked out a modest 0.01% gain, settling at 26,939.37.