Cryptocurrency: Bitcoin Slips To US$ 19,107, 10-Yr US Bond Historically High At 4.022%

The cryptocurrency markets traded flat Today. On October 15, Bitcoin fell to around US$ 19,107.20, however, recovered marginally from the last two trading days. Bitcoin, in the last 5 days fell by 0.14%, and in the past 1 month, it has fallen by 2.99%.

At present, the major concern among investors is the US Federal Reserve’s hawkish stance against inflation. The US CPI inflation in September stood at 8.25 YoY gain, with a 0.4% rise from August. The retail inflation rate refuses to fall significantly, amid the consistent rate how. However, it is far above the US Fed’s expectation of a 2% inflation rate. Hence, the Fed will stay firm on its tight monetary policy. This is eventually, keeping the US bond yields high, and keeping volatile assets like crypto under pressure. Till last traded 10-year US bond yield quoted at 4.022%.

Ethereum was quoted at US$ 1,282.58, down by 1.21%. Yesterday, Ethereum closed at US$ 1,298.24. Litecoin was quoted at US$ 50.93, down by 0.82%, Dogecoin was quoted at US$ 0.0587 down by 0.21%, and Cardano was quoted at US$ 0.3650 down 0.48%% today, till last traded.

Commenting on the Ether market, Coinbase (COIN) crypto exchange mentioned in a note that Ether reached a “post-Merge milestone” this week as it became deflationary for the first time since the Ethereum blockchain switched to proof-of-stake (PoS). The note added, that Ether became deflationary as more ether was burned verifying transactions than was created in the same period, which led to a reduction of 0.13% in supply over the last week, equivalent to about 4,000 tokens, CoinDesk reported.