Bitcoin Holds Above $28k Despite Interest Rate Concerns

TL;DR

• Bitcoin has maintained its price above the $28k level despite interest rate concerns among investors.

• Investors are also optimistic that the US SEC will approve a spot Bitcoin ETF in the coming months. 

Bitcoin Trades Above $28,300

Bitcoin, the world’s leading cryptocurrency by market cap, has lost more than 1% of its value in the last 24 hours. At press time, the price of Bitcoin stands at $28,320.

BTC has been able to maintain its value above $28k over the last few days following the fake spot Bitcoin ETF approval news. The solid performance this week also comes after the U.S. 30-year Treasury bond yield went up by nine basis points to 5.02% on Wednesday. This is the first time the long bond closed above 5% since 2007. 

The 10-year Treasury note yield also surged by seven basis points to 4.905%, also the highest yield since that summer.

With Bitcoin underperforming, the other major cryptocurrencies are also in the red zone. Ether is down by 1.4% in the last 24 hours and is currently trading at $1,551 per coin.

Toncoin is the worst performer amongst the top 20 cryptocurrencies by market cap, losing more than 4% of its value over the last few hours. The total cryptocurrency market cap has dropped to the $1.08 trillion region, down by more than 1% so far today.