Hassan Maishera
TL;DR
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Bitcoin continues to trade above the $26k level, losing less than 1% of its value over the last 24 hours.
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Traditional financial assets have been underperforming as US Treasury yields continue to surge higher.
BTC Maintains Price Above $26k
The cryptocurrency market has continued its poor start to the week, with prices of most coins and tokens currently in the red zone. Bitcoin is down by less than 1% in the last 24 hours and is currently trading at $26,243 per coin.
The poor performance comes as Bitcoin and other traditional assets underperform following a surge in US Treasury yields.
The U.S. 10-year Treasury yield moved up to 4.55%, matching its highest level in about 16 years. According to market data, the yield on the 10-year note began September at just 4.18%.
The rising Treasury yield is also affecting the traditional stock market, with the Nasdaq lower by 1.1% on Tuesday and the S&P 500 experiencing a similar loss.
Bitcoin Cash has stood out as the best performer amongst the top 20 cryptocurrencies by market cap, adding 1% to its value over the last 24 hours. At press time, the price of Bitcoin Cash stands at $214.73.
The total cryptocurrency market cap has dropped to the $1.04 trillion mark, down by less than 1% so far today.
