Bitcoin Rebounds As Middle East Tensions Ease

Bitcoin rallied in the past 2 hours as global markets cheered the easing in geopolitical tensions in the Middle East. Markets cheered President Donald Trump's comments that the U.S. would not strike Iran before the midterms and also described the talks as productive.

Overall crypto market capitalization edged up in the past 24 hours while Bitcoin touched a high of $83,418 in the past 24 hours.

The aggregate liquidations during the 24-hour period exceeded $1 billion. Liquidation of long positions amounted to $826 million, while the liquidation of short positions amounted to $197 million only.

The mixed price movement in the cryptocurrency market comes amidst low expectations of another quarter percentage rate hike by the Federal Reserve later this month. The likelihood of a quarter percentage rate hike by the Fed in October is currently at 19.4 percent only.

Ten-year U.S. treasuries are currently trading at 5.248 percent, jumping 0.36 percent from the previous close. Yields however eased across most of Europe.

The U.S. Dollar has rallied, causing the Dollar Index to rise 0.18 percent overnight. The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of 6 currencies is currently trading at 102.32 versus 102.14 at the previous close.