Bitcoin was trading above US$26,300 Thursday morning in Asia after briefly breaching US$26,800 Wednesday evening. Ether also made up some ground, rising above the US$1,600 resistance level before falling back to just below it. Other top 10 non-stablecoin cryptocurrencies traded mixed, with the Open Network’s (TON) Toncoin leading the winners. U.S. stock futures were up after Wall Street closed mixed on Wednesday. Investors are digesting a 16-year high in U.S. 10-year treasury yields as well as a potential debt-driven government shutdown in October.
SEC delays another spot Bitcoin ETF decision
Bitcoin gained 0.56% to US$26,354.64 in the 24 hours to 07:40 a.m. in Hong Kong but still held a weekly loss of 2.87%, according to CoinMarketCap data. The world’s largest cryptocurrency on Wednesday night briefly rose above US$26,800 for the first time in the past seven days, but soon retreated to around US$26,300.
The U.S. dollar index (DXY), which measures the greenback against a basket of other major fiat currencies, reached a ten-month high of 106.84 on Thursday.
A high DXY has been a bearish signal for cryptos and the S&P 500 alike, blockchain intelligence firm Santiment said Thursday on X (previously Twitter). However, Bitcoin has “held up well” despite the rise in the U.S. dollar. That “may indicate a breakout could come once the DXY settles down,” Santiment added.
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