Cryptos Jump, Bitcoin Dazzles Above $80k

A weak sentiment in Wall Street or the hardening in bond yields or the increase in crude oil prices or the U.S. Dollar's strength failed to halt the surge in cryptocurrencies during the past 24 hours. Aggregate market capitalization increased close to 5 percent while Bitcoin touched a 24-hour high of $80,483.

Sentiment had suffered earlier in the week as markets reconciled to the failure of the Clarity Act in the Senate vote, the Fed's rate hike and hints of another rate hike before the end of the year. The recent rate hike by Bank of Japan that lifted rates to a 31-year high had also weighed on the outlook for cryptocurrencies.

Wall Street futures are trading in negative territory. The US 30 (DJIA) is trading 0.45 percent lower, whereas the US500 (S&P 500) is trading 0.21 percent below the flatline.

Sovereign bond yields have hardened across tenors and regions. Ten-year U.S. treasuries are currently trading at 5 percent, jumping 1.11 percent from 4.947 at the previous close.

Brent Oil futures for November settlement are currently trading 0.06 percent higher at $104.88 whereas WTI Crude Oil for October settlement is trading 1.2 percent higher at $103.13.

The six-currency Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently trading at 100.50, rising a quarter percent from the previous close.