Bitcoin slumped below $28,000, and ether dipped below $1670.
Bitcoin ended the first U.S. trading day of the week in the green, but it gave up some gains as the U.S. 10-year yield spiked to its highest level in more than 16 years. In the last 24 hours, the world's largest digital asset dipped into the red and is down by 1.57%. Meanwhile, the much-hyped ether futures exchange-traded funds failed to capture the interest of investors, with low volumes reported on their first day of trading.In the equities market, stocks were mixed Monday after U.S.
The crypto market, especially bitcoin, has seen a sizable rally recently, influenced by factors like the SEC's ether futures ETFs approvals and other government decisions, QCP Capital wrote in a recent note, highlighting that bitcoin has gained 15% in the last two weeks. However, QCP has concerns regarding the rally's sustainability, with shifts in demand and historical data suggesting potential market downturns.
"Even if these ETFs come out, and they don't massively drive price changes, that's okay. That's what assets are supposed to do. They're not supposed to be all over the room," Dexterity Capital Managing Partner Michael Safai said on a recent appearance on CoinDesk TV.
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