Bitcoin, Ethereum, XRP Gain, While Dogecoin Dips After Treasuries Retreat From 24-Year Highs: Analyst Say

Leading cryptocurrencies rose in tandem with stocks on Thursday as Treasury yields retreated after briefly touching a 24-year high earlier in the day.

Bitcoin, Crypto Stocks Gain

Bitcoin broke through $85,000 after days of sideways action, while Ethereum remained rangebound. XRP and Solana recorded modest increases.

Cryptocurrency-related stocks lifted, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 4.84% and 1.14%, respectively. 

Over $190 million was liquidated from the cryptocurrency market in the last 24 hours, with $107 million in bullish long positions evaporated, according to Coinglass data.

Bitcoin’s open interest spiked 2.39% over the last 24 hours. Traders holding open BTC derivatives positions flipped to “Neutral,” with their Long/Short ratio falling sharply.

Top Gainers (24 Hours) 

Stock Market Rebounds

Stocks recovered ground to start October in the green. The Dow Jones Industrial Average gained 20.51 points, or 0.04%, to end at 50,926.56. The S&P 500 rose 0.19% to close at 7,666.4, while the tech-heavy Nasdaq Composite added 0.04% to end at 26,871.60.

The 10-year Treasury yield dropped to 5.25%, pulling back from an intraday high of 5.34%, its highest level since April 2002.