Bitcoin Reaches $27k As Treasury Yield And Oil Prices Decline

TL;DR

• Bitcoin is up by more than 2% in the last 24 hours and is now trading above $27k once again.

• The rally comes thanks to a retreat in the prices of crude oil and Treasury yields. 

Bitcoin Climbs Up Above $27k

The cryptocurrency market embarked on a rally for the first time this week. The prices of most coins and tokens are up by more than 2% in the last 24 hours.

Bitcoin leads the way after adding 2.5% to its value on Thursday and is currently trading above the $27k level. The rally comes thanks to declining oil prices and Treasury yields.

Oil prices have been rallying in recent weeks and nearly touched the $100 mark earlier this week. However, Brent Crude slipped to the $91 mark on Thursday, giving the traditional financial markets a breather. 

The US 10-year Treasury yield pulled back from a 16-year high while the US Dollar also underperformed. These factors contributed to pushing Bitcoin’s price above the $27k level for the first time in nearly two weeks.

ETH, the native coin of the Ethereum blockchain, is up by more than 4% in the last 24 hours as Ether futures ETFs could start trading in the United States soon, with investors hopeful of approval.

Arbitrum’s ARB and AAVE are the best performers amongst the top 50 cryptocurrencies by market cap, adding nearly 10% to their values in the last few hours.